Norwest Equity Partners: Sale of Becker Underwood to BASF
Norwest Equity Partners (NEP), a middle market investment firm, has completed the sale of Becker Underwood Inc. to BASF. Becker Underwood is a global provider of technologies for biological seed treatment and seed treatment pigments and polymers. The company also has an extended product portfolio in the areas of biological crop protection, turf and horticulture, animal nutrition and landscape colorants and coatings. The transaction, initially announced on September 20, 2012, closed on November 21, 2012.
Over the course of its eight-year investment period with Becker Underwood, NEP worked closely with Dr. Peter Innes, Becker Underwood CEO, and the management team to grow the company into a global company with a local presence. Becker Underwood sells products into more than 70 countries from 12 locations in nine countries on five continents. Since NEP’s 2004 investment, Becker Underwood has increased revenue and profitability four-fold, completed eight strategic add-on acquisitions, and doubled its number of employees across the world. Becker Underwood reported revenue of USD 246 million for the twelve month period ending September 30, 2012.
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