CARTER NEWELL PLANTS THE SEED IN SV GENETICS BUYOUT
14 June 2016,
QUEENSLAND-based plant breeder SV Genetics (SVG) has sold its business assets to American-listed S&W Seed Company (NASDAQ: SANW), in a deal advised by Carter Newell's corporate team.
Led by partner Matt Couper (pictured), assisted by solicitor William Keating, the Carter Newell team conducted a smooth transaction which was finalised late last month.
SVG's plant breeding program has grown over the years to become an Australian leader in the fields of research, production and distribution for sunflower and sorghum.
According to president and CEO of S&W Mark Grewal, SVG's portfolio was ripe for the picking after hitting a number of key benchmarks within the past decade.
"The acquisition of SV Genetics and its high quality proprietary sorghum and sunflower seed varieties, customer base and research program provides us with an entry into new large addressable markets," says Grewal.
SVG's hybrid varieties are expected to be sold throughout S&W's existing distribution channels, which in turn are expected to fertilise other foreign markets, including Eastern Europe and Russia.
Alan Scott and Dave Holman will remain in senior management positions within the SVG business.
The amount paid to SVG on closing included both cash and S&W common stock.