MIAMI, July 11, 2019 — Boyne Capital (“Boyne”) a Miami, FL based private equity firm, investing in small and mid-sized companies, announced today the sale of its portfolio company, B&W Quality Growers, LLC (“B&W” or the “Company”) to Blue Road Capital (“Blue Road”). Boyne acquired B&W in 2015 in partnership with management.
Founded in 1870, B&W is one of the world’s preeminent vertically-integrated producers of distinctive baby leaves, including watercress, arugula, and other specialty leafy greens. Headquartered in Fellsmere, Florida with processing facilities in three states and farming operations that span eight states, B&W grows, packs and ships quality products to foodservice, retail, wholesale, and specialty channels year-round. The Company is committed to smart, sustainable farming techniques and is GLOBAL G.A.P. certified, meaning it complies with the voluntary worldwide standard for ensuring safe, sustainable agricultural practices.
Mark DeLeo, CEO of B&W, commented, “Boyne has been a great partner as we transitioned a 140 year, family-owned business to a state-of-the-art agricultural enterprise. Together we made significant investments in the development of the B&W brand, management team, facilities and product lines, enabling us to grow revenue and EBITDA dramatically over the course of our partnership. When the opportunity arose to buy B&W, I immediately called Boyne. Based on my long history working with Derek McDowell, I knew they’d deliver on their word and be a great partner.”
Derek McDowell, Boyne’s Managing Partner and CEO, said, “Boyne is proud to have partnered with B&W, Mark DeLeoand the entire senior management team. It has been a privilege to be a part of B&W’s 140 plus year family history. During our partnership, B&W completed a major capital investment program which tripled its capacity and launched multiple new products which fueled its significant growth. Working with Mark DeLeo and companies like B&W are core to our mission as we look to support managers and entrepreneurs who are passionate about the businesses they are building. This collaboration generated a tremendous outcome for our investors, delivering over 14x MOIC and in excess of 100% IRR, on a gross basis. We are confident B&W, its management team, and Blue Road will continue to build upon this foundation for their continued success.”
He added, “We are grateful to Harris Siskind and the team at McDermott Will & Emery, who provided expert legal advice and Tim Alexander and his team at Harris Williams, who skillfully guided the Company through the sale process.”
About Boyne Capital
Boyne Capital is a Florida-based private equity firm focused on investments in lower middle market companies. Founded in 2006, Boyne has successfully invested in a broad range of industries, including healthcare services, consumer products, niche manufacturing, and business and financial services among others. Beyond financial resources, Boyne provides industry and operational expertise to its portfolio companies and partners with management to drive both company performance and growth. Boyne specializes in providing the capital necessary to fund corporate growth and facilitate owners and shareholders’ partial or full exit. Contact Jonathan Cohn at firstname.lastname@example.org 786.539.2246 with inquiries related to the sale.