Paine & Partners makes strategic investment in QC Corp.
The global private equity investment firm Paine & Partners LLC announced on May 12 that it has made a strategic investment in QC Corporation, a producer and supplier of granular and dry micronutrients and ferrous sulfate products headquartered in Baltimore, Md. Financial terms of the transaction were not disclosed.
Founded by Don Gordon in 1971, QC began as a producer and supplier of ferrous sulfate, and today is one of the largest processors of moist and dried ferrous sulfate products in North America, as well as the only domestic producer of all forms of technical and agricultural grade ferrous sulfate. QC has two independent ferrous sulfate operations – one in Cape Girardeau, Mo., and another in North Lima, Ohio – and the company also operates bulk blending compaction granulation facilities for micronutrient production at the Missouri location.
Following a major expansion in 2013, QC now offers custom manufacturing and toll processing of granulated materials in addition to its own line of granular fertilizer micronutrients. The company reports that its micronutrient products offer 100 percent water solubility in homogeneous, low dust, custom formulations, and include various combinations of sulfates, chelates, sucrates, oxysulfates, and oxides, along with the capability to incorporate and granulate humates and other biostimulants with various NPK fertilizer ingredients. QC’s products are used in lawn and garden, golf course, turf and ornamental, professional horticulture, crop production, and agricultural applications.
“Our investment in QC provides a platform for the company to enhance its already exceptional products and accelerate its growth trajectory,” said Angelos Dassios of Paine & Partners. “We see tremendous potential in QC’s granular micronutrients business and believe QC can leverage cross-portfolio synergies from our agribusiness companies, specifically Verdesian Life Sciences LLC, which focuses on plant health and specialty nutrition. We look forward to working with QC to capitalize on new market opportunities and realize QC’s significant potential."
The Gordon family will continue to lead the day-to-day operations of QC, with Don Gordon serving as chairman of the company. Jason Gordon, Don’s son, has been appointed CEO, and has been with the company for almost 20 years, previously serving as president, chief operating officer, chief financial officer, and vice president of sales and marketing.
“The investment from Paine & Partners will facilitate our continued growth and help us reach our goals across the business, particularly in granular micronutrients,” said Jason Gordon. “Paine & Partners has a strong background in agribusiness and plant nutrition, and we look forward to taking the business to the next level with them. I look forward to leading the company and maintaining our tradition of offering best-in-class products and outstanding customer service, which have been the cornerstones of QC’s success. As a company, we remain committed to our philosophy of strategic partnerships, while helping our suppliers and customers achieve continued success through innovation that we can provide.”
Paine & Partners is headquartered in New York, and makes investments through its $1.2 billion Paine & Partners Capital Fund III L. P. and related entities. QC and Paine & Partners worked with SDA Ventures LLC, a Maryland-based strategic consulting firm, to complete the transaction.