Boyne Capital, a Miami-based private equity firm, sold its portfolio company, B&W Quality Growers, LLC, Fellsmere, Fla., to Blue Road Capital, New York. Boyne acquired B&W in 2015.
B&W is a vertically-integrated producer of baby leaves, including watercress, arugula and other specialty leafy greens, with processing facilities in three states and farming operations that span eight states. B&W grows, packs and ships to foodservice, retail, wholesale and specialty channels year-round.
"Boyne has been a great partner, as we transitioned a 140-year, family-owned business to a state-of-the-art agricultural enterprise,” says Mark DeLeo, chief executive officer of B&W. “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."
"Boyne is proud to have partnered with B&W, Mark DeLeo and the entire senior management team,” adds Derek McDowell, Boyne's managing partner and CEO. “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 [that] fueled 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."