MIDWESTERN BIOAG ACQUIRED, RECEIVES INFUSION OF GROWTH CAPITAL
Jun. 26, 2014
Source: Proteus Environmental Technologies news release
Midwestern BioAg, Inc., Proteus Environmental Technologies, LLC and Grower's Secret, Inc. announce the completion of a strategic acquisition and investment in the future of Midwestern BioAg, Inc.
A leader in biological agriculture with a 30 year history, Midwestern BioAg has developed a base of over 3,500 farmer customers throughout the Midwest, providing a comprehensive mix of products and services that allow farmers to gain the full range of benefits of biological farming.
Gary Zimmer, the visionary founder of Midwestern BioAg, along with Dr. Tony Michaels, co-managing director of Proteus Environmental Technologies, LLC (Proteus), have developed a strategic plan to expand the reach of Midwestern BioAg, increase the capacity of the company to meet the needs of its customers and extend the diversity and cost-effectiveness of Midwestern BioAg's products and services.
To accomplish these goals, an investment group led by Proteus and Grower's Secret, Inc. (GSI) has acquired a controlling interest in Midwestern BioAg with a plan for infusing $20 million in growth capital into the business to execute on the first stages of this national and global expansion.
"I'm excited to be able to expand our presence in the agriculture marketplace and become much more accessible to so many more farmers," said Gary Zimmer. "I have witnessed change all over the planet and feel that the time is right to bring more strategic partners on board with a continued common goal of better farming through better soil.
"Biological farming is good for the environment, our food supply and leads to healthier food on our tables. It also builds more resiliency and profit into our farming systems."
Gary Zimmer will continue his role as President and member of the board, while Dr. Tony Michaels takes on the role of CEO of Midwestern BioAg. Both Proteus and GSI will be strategic partners in helping grow the company, bringing their corporate relationships, expertise in technology development, product development capacity and business development experience to the future of Midwestern BioAg.
"Grower's Secret is delighted to be the lead investor having made a substantial investment in the $20M acquisition and expansion financing," said Chaz Berman CEO, Grower's Secret, Inc.
"Gary Zimmer, CEO Tony Michaels, its dedicated employees, farming methods and products will further Grower's Secret's own mission of improving people's lives and repairing the earth. We believe that Midwestern BioAg's methods are the tip of the spear.
"They are disruptive innovations that will improve agriculture, secure food for growing populations while helping to bring soil nutrients and minerals back into balance. We view our investment as strategic and forward thinking as sustainable biological agriculture stretches toward a tipping point globally."
Midwestern BioAg, Inc. has current sales of $35 million, both direct and through a network of independent dealers. With the infusion of capital and additional talent, the company plans to increase its reach tenfold or more through expanded sales efforts, mergers and acquisitions and strategic partnerships.
"The company's approach raises yields, lowers unit costs, improves nutritional quality and reduces environmental impacts, making farming more profitable and sustainable at the same time," said Dr. Michaels, new CEO of Midwestern BioAg.
"Midwestern BioAg has been a leader in creating a path to more sustainable agriculture. With this expanded team and new resources, it is our intent to extend that leadership to reach more farms, more crops and more sectors of society."
About Midwestern BioAg, Inc.
Midwestern BioAg, founded in 1983 and headquartered in Blue Mounds, Wisconsin, has developed methods to increase soil fertility that translate into less inputs and greater yields increasing grower profits. Midwestern BioAg is an industry leader in biological agriculture with core facilities in Wisconsin, Minnesota, Michigan and Iowa and a sales force and network of dealers that cover 23 states and three Canadian provinces. The staff is well educated and knowledgeable in the principles and practices of soil management, crop production and animal agriculture. Midwestern BioAg supplies a wide range of products and programs to assist customers in managing an efficient and profitable operation. Midwestern BioAg creates tailored management plans that incorporate better farming through better soil to meet each and every producer's production goals for soils, crops and livestock. For more information, please contact Midwestern BioAg at 800-327-6012 or visit www.midwesternbioag.com.
About Proteus Environmental Technologies, LLC
Proteus Environmental Technologies finds and commercially develops transformative environmental technologies. It has a novel business model for rapidly bringing innovations to scale, a model that couples the best of private equity and venture capital investing with the latest in university research. Proteus has initiatives in agriculture, sustainable aquaculture, energy efficiency, recycling and clean water. Proteus Environmental Technologies is located in El Segundo, California. For more information, visit www.proteusenv.com.
About Grower's Secret, Inc.
Grower's Secret offers a collection of organic and traditional products for gardeners and commercial growers some of which are patented in 157 countries. Grower's Secret, Inc. (GSI) began in 1998 on Maui when its founders discovered a plant growth enhancer (Grower's Secret Professional) that increases crop yields by 30%+ and materially improves grower profits. The company has followed in its founders' footsteps by developing other innovative organic solutions for commercial growers and gardeners. GSI home garden products can be found in many stores nationally including Whole Foods. For more information, call the company's toll free phone number: 888-217-9426 Ext 101 or visit the company's website at www.growerssecret.com.