(Promotora) September 8, 2011 – Promotora is pleased to announce that one of its portfolio companies, Ecoflora, a leader in bio-products from plant extract, spun off its agricultural business unit, forming the company Ecoflora Agro, in which the shareholding of Promotora’s Venture Capital Fund -Progresa Capital was acquired by Gowan Company, a global leader in agricultural crop protection.
This transaction is the first exit of a Venture Capital Fund in Colombia, through a highly innovative biotechnology company. “This exit demonstrates our interest in developing the industry of Private Equity and Venture Capital in our country. We remain committed to accompany Ecoflora and other companies of our portfolio in executing their business plans and finding and linking strategic partners that enable them to grow rapidly and efficiently”, said Francisco Mira, Promotora’s CEO.
Promotora invested in Ecoflora in 2009, and jointly with the management team, they implemented a product development plan, including linking a world-class strategic partner that would allow successfully to execute its internationalization strategy. Consequently, the entry of Gowan responds to the growth strategy that Ecoflora Agro is pursuing. “We are very excited about having Gowan as our global platform to bring our innovative and green plant extract biopesticides to such important markets around the globe. Ecoflora Agro has been working for 12 years to develop its crop protection portfolio based upon the rich biodiversity and the great and talented people that Colombia has”, said Nicolas Cock, Ecoflora Agro’s CEO.
Gowan recognizes the increasing market demands for products that allow producing fresh fruit and vegetables with fewer residues. For that reason Gowan has been actively working to implement its Gowan Green strategy. “Our goal is to develop an innovative IPM program combining our current portfolio with Ecoflora’s plant extracts. Ecoflora Agro’s existing and future products will enhance and globally strengthen our Gowan Green strategy, and they will provide unique solutions to our customers in the over 70 countries we serve”, said Sergio Comparini, Gowan’s Business Development Manager.
The spin-off of the agribusiness unit, Ecoflora Agro, will count with the participation of Gowan and the original founders and entrepreneurs, led by Nicholas Cock, while the other business units targeting the cosmetic, food, home and personal care will continue in Ecoflora SAS, where Promotora continues as an active investor, in order to look for new strategic partners, mainly in the line of natural colorants and bio-products.
About ECOFLORA AGRO
Ecoflora Agro is a spin-off of EcoFlora SAS and has developed and marketed plant extract products (biofungicides and bioinsecticides) to support growers in Colombia, Ecuador and Peru. Ecoflora Agro is known for providing its customers with innovative products and solutions to address their pest control needs. www.ecoflora.com
About GOWAN COMPANY, LLC
Gowan offers high quality solutions to protect specialty crops and various niche markets in agriculture. It has a global presence through its business divisions, subsidiaries and distributors in over 70 countries. www.gowanco.com
Promotora is a Growth Equity and Venture Capital fund manager. It currently manages US67 million in Colombia. Through its venture capital fund, it invests in highly innovative companies in the sectors of information technology, life sciences and applied engineering services. www.promotora.com.co