Norwest Equity Sells Becker Underwood for $1B
Minneapolis-based investment firm Norwest Equity Partners announced Wednesday that it has sold Becker Underwood, Inc., an Ames, Iowa-based company that makes agricultural products, for $1.02 billion.
Norwest sold the company to BASF, a chemical company based in Germany, and the deal closed last week.
Becker Underwood develops technologies for biological seed treatment. It also has a portfolio of products pertaining to crop protection, turf and horticulture, animal nutrition, and landscape colorants and coatings.
During the past eight years in which Norwest Equity Partners invested in the company, Becker Underwood has grown significantly and now sells products in more than 70 countries from 12 locations in nine countries. During the period, the company increased revenue and profits four-fold, doubled its employee headcount, and completed eight acquisitions, according to Norwest Equity Partners. For its fiscal year that ended in September, the company’s revenue totaled $246 million.
“Becker Underwood has done a tremendous job positioning itself as a value-added leader within the agricultural sector,” Norwest Equity Partners Managing General Partner Tim DeVries said in a statement. “This has been achieved through strong leadership, a lot of hard work, and close collaboration with growers, distributors, and leading seed and crop-protection companies.”
Norwest Equity Partners Managing General Partner John Lindahl was included in Twin Cities Business’ Black Book, a recently released list of 100 local leaders. Click here to learn more.