Branford Castle Partners, a private equity firm focused on lower-middle-market investments in North-America, has acquired Floratine Products Group, a formulator and manufacturer of specialty plant-nutrition products for golf courses, sports turf and agricultural applications. Terms of the transaction, representing the first investment made by Branford Castle’s Fund III, were not disclosed.
Founded in 1991 and headquartered in Collierville, Tenn., Floratine is a developer of foliar, soil and specialty products aimed to improve turf health, appearance and stress tolerance. The company, which serves customers through a specialized international distributor network, combines product innovation with agronomic expertise, in-house diagnostics and technical support to help turf professionals maintain healthy and high-quality playing surfaces across various sports applications. Through its Earthstrong subsidiary, established in 2021, the company extends its science-based plant-nutrition capabilities to the agricultural industry to help growers improve soil health and crop performance. Branford Castle is partnering with Kevin Cavanaugh, Mike Cavanaugh and the broader Floratine team to support the company’s expansion.
“Floratine fits our investment criteria to a tee: a leader in a specialized market, differentiated products, long-standing customer relationships and an experienced management team,” said Ceon Francis, managing director at Branford Castle. “The company is uniquely positioned to capitalize on attractive sector trends across sports and agriculture, and we are excited to partner with Kevin and the Floratine team to help build on that foundation through continued product innovation, deeper distributor relationships and disciplined growth.”
”Branford Castle shares our commitment to building on our industry-leading market presence, and we are thrilled to be partnering with them as we accelerate our long-term growth strategy,” said Kevin Cavanaugh, president and CEO of Floratine. “Since our founding, we have prided ourselves on delivering the most advanced plant and soil nutrition solutions to the people who manage the world’s finest turf, and we look forward to continuing to drive innovation across the plant-nutrition market, as well as to expanding our product offerings and distribution to better serve our customers.”
“Floratine is an excellent first investment for Fund III and reflects our continued focus on building niche market leaders,” added John Castle, president and CEO of Branford Castle. “Kevin and the Floratine team have established a lasting reputation for delivering leading solutions across its product line with a strong focus on meeting its customers’ specialty needs. We also hope our new strategic partner, Marubeni Corporation, will help enhance value as we support Floratine’s next phase of growth.”
Akerman served as transaction legal counsel to Branford Castle, Vedder as financing legal counsel and RSM as accounting and tax advisor. Bridgepoint Investment Banking was financial advisor to Floratine. Byline Bank provided senior debt financing and Northstar Capital provided mezzanine debt financing.