Paine buys Quadrivio’s Suba Seeds in €80m SBO

With operations in Italy, France and the US, Suba Seeds intends to push growth in the speciality vegetable seed segment as it enters new markets and expands via bolt-ons. The changes to its shareholder base follow the opening of a new production site near its Longiano headquarters.

Paine is a US-headquartered investor focusing exclusively on agriculture assets. Speaking to unquote" in August, the GP highlighted the mounting private equity appetite for the sector as dietary changes within a rising middle class drive up food demand worldwide.

According to unquote" sources, Suba Seeds is the second portfolio company to be held by the firm's fourth fund, which closed on $893m in January 2015. The fund's maiden investment went to eastern European farming group Spearhead International, scooped up with the support of a €30m package from Mezzanine Management in July 2015.

The SBO comes almost three years after Quadrivio acquired a majority stake in Suba Seeds, a primary buyout financed via the GP's Quadrivio Q2 fund. Having closed on €100m in November 2010, the vehicle typically deploys €5-15m per deal; Suba Seeds represents its fifth exit to date, unquote" understands.

Company
Founded in 1974, Suba Seeds produces vegetable and legume seeds, and distributes them among a 1,000-strong client base including corporates and garden markets, both professional and amateur.

Its portfolio features coriander, beans, peas, radishes, cabbages and carrots, among others. With headquarters in Longiano, where its main production facilities are located, the company operates in partnership with the Sipas Packaging, Hortus and Royal Seeds brands. 

People
Paine was represented by its president and founding partner Kevin Schwarz. Marcello Tumedei is currently CEO at Suba Seeds.

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• Topics
• Southern Europe
• Buyouts
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• Paine & Partners
• Quadrivio
• Secondary buyout