Leading Mezzanine Firm Partners with Marwit Capital Partners and Granite
Seed's Management team to Drive Further Success
NEW YORK, Sept. 16 /PRNewswire/ -- Praesidian Capital Investors, a
leading provider of mezzanine capital for small and mid-sized companies,
has provided $10 million of senior subordinated debt to support the
recapitalization of Granite Seed Company, by Marwit Capital Partners and
Granite Seed's Management.
Granite Seed is a leading supplier of seed and erosion control products
for land reclamation and restoration, turf, beautification, pasture and
range for the western United States. The Company maintains the most
extensive inventory of reclamation products available from any one source
and carries a full line of erosion control products. It provides a diverse
seed inventory built through a strong network of growers, collectors and
vendors.
"Granite Seed's management team is exactly the type Praesidian seeks to
partner with - talented, savvy and with a great track record and business
plan," said Jason Drattell, Managing Partner at Praesidian. "Now with the
support of two organizations in the business of growing small companies,
Granite Seed's prospects are even stronger."
"This is the second time this year we have partnered with Praesidian to
invest in a growing company," said Matthew Witte, Managing Partner at
Marwit Capital Partners. "It was clear to both our firms that we had found
another winner in Granite Seed, a historically profitable business with a
strong position in a niche sector."
"Our management team is very talented, and for good reason we are proud
of what we have accomplished at Granite Seed," said Don Bermant, Chief
Executive Officer of Granite Seed. "But with our partners we have developed
a plan to make Granite Seed an even more successful enterprise."
About Praesidian Capital Investors
Praesidian Capital partners with small and mid-sized businesses,
providing private debt capital. With a focus on its core competency in
mezzanine financing, Praesidian invests in established, historically
profitable companies often in connection with a management/leveraged
buyout, recapitalization or refinancing. Based in New York City, Praesidian
manages over $400 million in committed capital. For more information, visit
http://www.praesidian.com.
About Marwit Capital
Marwit Capital is one of the oldest and most experienced private equity
firms in the Western U.S. Founded in 1962, Marwit's investment focus is on
lower middle market companies based in California and the Western U.S.,
with revenues of $20 to $200 million and enterprise values of generally
less than $100 million. Marwit specializes in management buyouts, platform
acquisitions in partnership with experienced industry executives,
recapitalizations, and later stage growth and expansion investments. Marwit
seeks to deploy $10 to $30 million of equity capital per Portfolio Company,
in one or a series of investments. Marwit Capital Partners II, L.P.
completed its final closing on August 15, 2007 with $183.7 million of
committed capital. For more information, visit http://www.marwit.com.
About Granite Seed Company
Granite Seed Company is a leading supplier of seed, erosion control and
land reclamation products for the western United States. Headquartered in
Lehi, Utah, Granite offers specialized products, a diversified inventory
and quality service and technical support for land reclamation or land
restoration, landscaping, golf courses, beautification, pasture and range.
For more information, visit http://www.graniteseed.com.
SOURCE Praesidian Capital Investors
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Related links:
http://www.praesidian.com
http://www.marwit.com http://www.graniteseed.com
CONTACT:
Dan Jacobs, or Anthony Feldman, both of
Broadgate Consultants, LLC for Praesidian Capital Investors,
+1-212-232-2222
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