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On Wednesday, the Open Prairie Rural Opportunities Fund, an $81 million private equity fund that provides growth-stage capital for agribusiness companies in rural America, announced its first exit with the sale of Legacy Seed Company, a platform that enables local farm sellers to market their seeds, which has been part of the fund’s portfolio since 2018.

No additional information on the buyer or transaction details was made public.

“The growth of Legacy Seed Companies is a compelling testament to the potential of rural American companies,” Open Prairie partner Lee Strom said in an official announcement. “Over the last three years, Open Prairie has worked with Legacy Seed Companies to successfully achieve operational efficiencies through implementation of new technology infrastructure, expansion of its geographic footprint within the upper Midwest and enhancement of its team with the addition of talent at all levels of the organization.

“Leveraging its research and development capabilities, Legacy Seed Companies has also partnered with global leaders in the branded food and animal nutrition sectors to capitalize on demand trends for better quality, sustainability and transparency throughout the agricultural supply chain.  These activities have resulted in market share gains and top-line revenue growth, positioning the company on a solid foundation for the future,” Strom said.

Today, Legacy Seeds is the third-largest U.S. seller of alfalfa and a leader in the specialty soybean market, with additional product lines in corn and wheat, including non-GMO and organic seeds.

Open Prairie Rural Opportunities Fund, which is licensed by the U.S. Department of Agriculture as a Rural Business Investment Company, partners with investors from Farm Credit institutions, commercial and community banks, strategic investors, family offices, and high net worth (HNW) investors with an interest in advancing rural America. The fund invests in rounds of $2-10 million in food and agriculture companies. The fund currently holds 11 companies, including Green Dot Bioplastics, and livestock grain feed enzyme maker Agrivida.

Its parent company, Open Prairie, is a private equity investor with 20-plus-year track record of investing in rural American companies. Open Prairie Opportunities is one of four funds that it operates across agribusiness subsectors spanning farmland to agriculture technology.

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