Tillerman Seeds LLC’s acquisition of Legacy Seeds, Inc. is noteworthy for a number of reasons.
First and foremost, the transaction provided Legacy’s founders with an attractive liquidity path, while also funding growth and maintaining the jobs in the communities where they built the company. The deal also provides Tillerman Seeds, Legacy Seeds and our DF Seeds unit with a multi-state platform for helping farmers that grow a number of crops from conventional non-GMO seeds.
It’s also the first-ever investment by the Open Prairie Rural Opportunity Fund, a targeted $100 million private equity fund licensed by the US Department of Agriculture (USDA) as a Rural Business Investment Company (RBIC). The investors in the Open Prairie fund are Farm Credit institutions, commercial and community banks, strategics, family offices and high net worth individuals committed to advancing rural America. The fund is focused on providing debt and equity capital of $2 - $10 million to growth companies in food and agriculture.
The Open Prairie team brings significant value to Tillerman Seeds as we accelerate our agribusiness platform. They have a strong understanding of the industry and the growing momentum for experienced investors to contribute to global demands and dynamics.
In a press release today, Open Prairie Founder and Managing Partner Jim Schultz stated, "Open Prairie is looking forward to working closely with Tillerman Seeds as they leverage operational expertise within Legacy Seeds and DF Seeds to create new market channels, research and development collaboration opportunities and implement strategic growth initiatives with its customers, employees and suppliers."
Jim will join the Tillerman Seeds Board of Directors. We’re are pleased to have him and Open Prairie as part of the team as we look to grow.
For more information about the transaction, read here.