Paine & Partners buys Australia's AgBiTech

The financial terms of the transaction were not disclosed. Anthony Hawes will continue to lead AgBiTech as CEO, along with the rest of the company's senior management team.

Founded in 2002, AgBiTech has developed a range of products that target caterpillars, one of the most serious agricultural pests that affects crops such as soybeans, corn, cotton, tomatoes, sweetcorn and sorghum. These products are designed to have minimal impact on the broader ecosystem.

The company, which distributes its products in Australia, Brazil and the US, has a production facility in Australia and is constructing a second base in the US. Hawes noted that AgBiTech initially focused on its domestic market, but as the same pests emerged in other regions, so the company's footprint spread. It is currently looking to expand in the US.

"We look forward to working with AgBiTech's management team and employees to build on AgBiTech's first-mover advantage, its world class biological insecticide know-how, and its marketing and regulatory capabilities to expand into new products and geographic markets," Kevin Schwartz, president and founding partner at Paine & Partners, said in a statement.

The private equity firm, which is currently deploying its $893 million fourth fund, previously invested in Australian fresh fruit and vegetables producer Costa Group in 2011. The company went public earlier this year, raising A$550 million (A$401 million) in its IPO.

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• Topics
• Buyouts
• Australasia
• Industrials
• Australia
• Agriculture
• Paine & Partners
• buyout