Little Engine Ventures (LEV), LP and Spectrum Seed Solutions, LLC today announced they have closed on an asset purchase of Spectrum for an undisclosed sum of cash. Scott Odle, Spectrum founder, will remain on as a shareholder.
“Odle and I have worked together for years and it has been exciting to watch Spectrum mature,” said Daryl Starr, who leads the newly formed investment partnership out of Lafayette, IN. “When Odle approached me about getting more involved to take it to the next level, we both quickly realized Spectrum was going to need additional resources.”
“We have grown very rapidly and I am torn between farming and running a seed company,” Odle said. “My heart is in farming and this transaction will allow me to bring additional resources to our farmer customers, including great people and a continued effort in premium genetic development.”
Starr went on to explain that Odle will be replaced by Josh Richey as President. Richey is a seed industry veteran having held several leadership positions within the seed industry, most recently with Growmark (a $10B farm cooperative) through its three most profitable years.
The team agreed that more sales staff will join and they are excited about continuing to invest in educational material, ecommerce website and have plans to provide agronomy support services through a smartphone application sometime in the near future.
Spectrum has grown more than 50% year over year while remaining adamant that non-GMO corn can be competitive in a marketplace filled with stacked traits and giant biotech firms. Non-GMO corn acres in general, increased total market share of the U.S. corn market in 2015, for the first time since the early 1990’s as farmers question the costs and rewards of biotech seeds. The growing consumer demand also pulls identity preserved, non-GMO grain from the farm.
“Spectrum is non-GMO on purpose,” Starr said. “They have a very compelling story that resonates with farmers and we do not want to mess that up.”
About Little Engine Ventures
Little Engine Ventures, LP (LEV) is a private investment partnership based in Lafayette, IN. The partnership makes investments in three distinct areas, including Startups, Control and Public companies. The fund has raised an undisclosed sum of investment capital from accredited limited partners. Additional information can be found at www.lev.vc
About Spectrum Seed Solutions
Spectrum Seed Solutions is a farmer-driven seed corn company based in Linden, IN. Their only focus is the development of premium non-GMO corn hybrids. They accomplish this through greenhouse and nursery inbred development as well as licensing germplasm that they can cross against to select corn hybrids adapted for stress and capable of top end yield. They market their products through an e-commerce web site as well as telesales and a growing reseller channel. More information can be found at www.spectrumseed.com
Forward Looking Statements
The statements in this press release regarding the impact of this acquisition are believed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “Act”), that are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act. These forward-looking statements are subject to certain risks, uncertainties and other factors.