NEW YORK, July 1, 2015 /PRNewswire/ -- Paine &
Partners, LLC ("Paine & Partners"), a private equity investment
firm focused on investing globally in food and agribusiness, today
announced that investment funds managed by Paine & Partners
have acquired Spearhead International Limited ("Spearhead" or
"Spearhead International"), one of the largest agricultural
producers in the European Union. Financial terms of the
transaction were not disclosed.
Headquartered in Cambridge,
England, Spearhead has farming operations on approximately
85,000 hectares of high-quality agricultural land in Poland, the Czech
Republic, the United
Kingdom, Romania and
Slovakia. Spearhead's diversified primary product offering
includes grains and oilseeds, potatoes and vegetables, sugar beet,
seed crops, milk and livestock and other products. Spearhead has,
over recent years, also developed significant operations in its
upstream and downstream businesses including seed production and
supply chain management. This vertical integration positions
Spearhead as a value-added ingredients and supply chain partner to
blue-chip customers who rely on the company for consistency,
quality, food safety and traceability.
John Atkin, former Chief
Operating Officer of Syngenta, will serve as the new Chairman of
Spearhead upon closing of the transaction. Spearhead's management
team, which has achieved significant growth and added a range of
services to enhance Spearhead's offerings across the value chain,
will continue to lead the day-to-day operations of the
company.
David Buckeridge, Operating
Partner at Paine & Partners, said, "We are pleased to make this
strategic investment in Spearhead and are excited about working
alongside the company's management team and employees, who have
built a differentiated business that is well-positioned for future
growth. We see significant high-return expansion
opportunities across Spearhead's vertically integrated operations,
and we will capture knowledge and product synergies from the other
companies in Paine & Partners leading food and agribusiness
portfolio, including Verdesian Life Sciences. In addition,
Spearhead will benefit from the operational experience and
expertise that John Atkin will bring
as Chairman. We look forward to unlocking Spearhead's
potential and taking the company to its next level of
growth."
"In Paine & Partners, we have a strategic investor who will
work closely with us to accelerate the achievement of our business
goals," said Tom Green, Chief
Executive Officer of Spearhead. "Over the past 50 years, we
have established Spearhead as a leading food and agriculture
business in the UK and Central
Europe; today's strengths lie in the unique scale, quality
and location of our primary production land base, together with the
expertise of our team and the relationships which we have developed
with many other stakeholders including co-operating growers,
technology providers and customers. We are excited about
working with John Atkin and the team
from Paine & Partners, which will bring significant expertise
and operating resources as we enter the next phase of Spearhead's
growth."
John Atkin, incoming Chairman of
Spearhead, said, "I am delighted to have the opportunity to work
with Tom Green and his talented team
to further develop Spearhead's successful business. The company
combines excellence in primary production with the competitive edge
created through its upstream and downstream businesses. In a market
where efficiency and differentiation is critical, Spearhead has
significant potential for further growth."
"This investment represents the first transaction for Paine
& Partners Fund IV, a leading platform for food and
agribusiness investing," said W. Dexter
Paine, III, Chairman and CEO and a founding Partner of Paine
& Partners. "With its vertically integrated business
model and focus on applying technology to agribusiness, Spearhead
is a natural fit in Paine & Partners' portfolio. We will
be able to leverage Paine & Partners expertise across the food
and agribusiness value chain and achieve synergies across our
portfolio to enhance the Spearhead's operations and create
value."
About Paine & Partners
Paine & Partners is a private equity firm that focuses on
complex investment opportunities in the fast-growing, dynamic
global food and agribusiness sectors. Paine & Partners'
team includes 25 investment, operations and finance professionals
focused on investing globally across the food and agribusiness
value chain and throughout cycles. The firm currently invests
through its $893 million Paine &
Partners Fund IV, which is solely dedicated to agribusiness
investing. For further information, see
www.painepartners.com.
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SOURCE Paine & Partners, LLC