Illinois Foundation Seeds, Inc. Partners With Armory Capital to Redeem Shares
Date Posted: May 19, 2017
Champaign, IL (May 18, 2017) - Illinois Foundation Seeds, Inc. (IFSI), a leading developer of sweet corn seed and commercial field corn seed, announced the completion of coordinated transactions involving redemption of a portion of the company’s shares and receipt of an equity investment to recapitalize the company.
The stock redemption transactions included, among others, purchase of the minority ownership interest held by Dow AgroSciences, LLC, a wholly-owned subsidiary of The Dow Chemical Company. Dow AgroSciences acquired the IFSI minority interest in 1999.
Verdant Partners performed financial advisory services for Dow AgroSciences on the transaction.
“We appreciate the support we received from Dow AgroSciences during the long and successful period it was a minority shareholder of IFSI," says George Terry, IFSI’s Chief Executive Officer. "We will continue to work together with Dow AgroSciences as a technology partner to license genetic traits, germplasm, and various crop protection products.”
IFSI received funding for the stock redemptions from Armory Capital, LCC, a family investment office based in Champaign, IL.
“We are pleased to announce our new partnership with Armory Capital, a long-term investor that is uniquely aligned with IFSI’s culture, core values and strategy," says Tom Burrus, IFSI’s Chairman. "The Armory investment will give IFSI a capital structure that will help us grow and provide continuity. We are extremely pleased that IFSI will remain an independent seed company that can continue the successful culture developed by our founders, management team, and dedicated employees.”
“Illinois Foundation Seeds has an outstanding reputation in the seed industry for developing quality sweet corn and commercial seed inbreds and hybrid varieties," says Jacob Ambrose, Managing Partner of Armory Capital. "We are excited to partner with IFSI’s management team, employees and other shareholders to build on the Company’s 80-year history as a leader in the seed industry.” ____________________________________________________________________
Illinois Foundation Seeds, Inc., based in Tolono, IL, was formed by independent seedsmen in 1937. Today, IFSI is one of the world’s leading sweet corn seed companies, breeding, testing, producing, and distributing market-leading sweet corn inbreds and hybrids for customers worldwide. IFSI also develops and distributes high value foundation seed for its customers in the commercial seed industry. Foundation seed companies supply germplasm to commercial seed companies for their hybrid selection programs.
Armory Capital is a family investment office headquartered in Champaign, IL. Armory has a legacy of more than 60 years of investing in private businesses. The firm makes growth equity and management-led buyout investments of $5 million to $50 million. Unlike traditional private equity groups, Armory is funded with permanent capital. This unique funding structure means that the firm’s decisions are not driven by the limited life of a particular fund. Armory holds investments based on the merits of the opportunity and the needs of its management partners.