Paine Schwartz Partners announced that Paine Schwartz Food Chain Fund IV has agreed to sell Verisem BV, an integrated global seed production company, to Syngenta's vegetable seeds business, part of Syngenta Group. Verisem is a Dutch seed vegetable producer.
Paine Schwartz Partners initially invested in the businesses that comprise Verisem in 2015 and built the business by facilitating key acquisitions and making incremental investments that expanded Verisem's global reach and technical capabilities. Over the course of the investment, Paine Schwartz rebranded the Company as Verisem, augmented the senior management team, enhanced the organizational structure, and partnered with management to strategically focus on expansion through the diversification of production and product offering.
"On behalf of everyone at Verisem, I thank Paine Schwartz for their partnership and the role they played in building Verisem into an integrated global seed company," said Ibrahim El Menschawi, Global Chief Executive Officer of Verisem.
Kevin Schwartz, Chief Executive Officer of Paine Schwartz, said, "We are pleased with the outcome on Verisem and appreciate the hard work and collaborative approach from management, which contributed to the achievement of the Company's overall growth objectives. This deal represents another successful investment for Paine Schwartz in the seeds space, and we are particularly excited about Verisem's new partner, Syngenta – an organization with which we have maintained a strong relationship over a number of years. Since the initial investment in Suba Seeds, as well as the key bolt-on acquisitions and strategic investments made in the creation of what is Verisem today, the Company has transformed successfully into a compelling growth platform, which we are confident will continue to excel under Syngenta's ownership. We wish Ibrahim and the Verisem team all the best as they move forward."
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