Marrone Bio Innovations, an Ospraie Ag Science Portfolio Company, To Be Acquired for $236 Million
Pryor Cashman represented client Ospraie Ag Science LLC, as the largest shareholder of portfolio company Marrone Bio Innovations, Inc. (NASDAQ: MBII), in Marrone Bio’s recently announced agreement to be acquired by Argentina-based Bioceres Crop Solutions Corp. (NASDAQ: BIOX) in a stock-for-stock merger valuing Marrone Bio at approximately $236 million.
Marrone Bio is a west coast-based growth-oriented agricultural company considered a leading developer of biological crop protection and plant health solutions. The transaction was signed and announced on March 16, 2022, and is expected to close during the third quarter of 2022, subject to the approval of Marrone Bio’s shareholders, regulatory clearance, and other customary closing conditions.
According to the press release announcing the deal:
This transaction will combine Bioceres’ expertise in bionutrition and seed care products with MBI’s leadership in the development of biological crop protection and plant health solutions, creating a global leader in the development and commercialization of sustainable agricultural solutions. The companies together operate in 46 countries with approximately 640 employees, including two wholly-owned manufacturing facilities and research and development (R&D) facilities located in Davis, California, and Rosario, Argentina.
Ospraie Ag Science LLC is the venture arm of New York-based Ospraie Management, LLC, a New York-based management firm that invests in commodities and basic industries worldwide across public and private markets.
The Pryor Cashman team was led by Partner Michael Weinsier, co-chair of the firm's Private Equity Practice and a member of the firm's nationally recognized Corporate Group. Principal assistance was provided by Taylor Weinstein, Counsel in the Tax Group.
