Private equity firm Boyne Capital divests B&W Quality Growers

US-based private equity firm Boyne Capital has divested its portfolio company, B&W Quality Growers, to Blue Road Capital.

Financial details of the transaction have not been disclosed.

Established in 1870, B&W is a vertically integrated producer of baby leaf vegetables, including watercress, arugula, and other speciality leafy greens.

B&W Quality Growers CEO Mark DeLeo said: “Boyne has been a great partner as we transitioned a 140 year, family owned business to a state-of-the-art agricultural enterprise.

“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.”

With its headquarters in the US, the company has processing facilities in three states and farming operations across eight states in the country. It grows and ships its products to the foodservice, retail, wholesale and speciality channels.

Founded in 2006, Boyne focuses its investments on lower middle-market companies. The company acquired B&W in 2015.

Boyne Capital managing partner and CEO Derek McDowell said: “During our partnership, B&W completed a major capital investment programme which tripled its capacity and launched multiple new products which fuelled its 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.”