Marrone Bio Innovations Purchases Pro Farm Technologies
Marrone Bio Innovations Inc., a provider of sustainable bioprotection and plant health solutions, has entered into a definitive purchase agreement to acquire the Finnish company Pro Farm Technologies OY.
With the acquisition of Pro Farm, Marrone Bio will add proprietary nutrient and biostimulant technology and products for seed and foliar treatments to its portfolio.
This transaction also will give the company a significant opportunity to leverage an expanded global distribution network for all of MBI’s products.
“This acquisition is an example of the kind of transformative investments that we seek to grow Marrone Bio from a product, crop and geographic perspective, and to do so in a way that can immediately accelerate our revenue growth and margin expansion,” said Bob Woods, Marrone Bio’s chairman of the board. “We believe acquisitions like Pro Farm will allow us to cost-effectively expand our global scale, and significantly escalate our growth trajectory.”
Marrone Bio Chief Executive Officer Dr. Pam Marrone added, “Today’s announcement is a critical step in our strategic objective to build a platform company that leverages our scientific, manufacturing and commercial expertise through new agricultural solutions. We believe we have the technology, talent and financial support to achieve our goal of creating a biological ag inputs company of major scope and scale.”
The transaction is expected to close in the third quarter of 2019, subject to satisfaction of customary conditions.
Marrone Bio Innovations Inc. also announced that it has established a $36.6 million financing facility with existing investors Ospraie Ag Science LLC, Ardsley Partners Renewable Energy Fund, L.P., and Ivan Saval.
For more information, please visit https://marronebio.com.