13 May 2004: Leading Australian broadacre seed company, Pacific Seeds Pty Ltd has been sold as part of the sale of parent company Advanta BV, a deal worth an estimated €400 million.

Pacific Seeds has a substantial market share in many of Australia's summer crops, in particular grain sorghum, sunflower and corn.

It also breeds, produces and markets winter crops canola and grazing oats, as well as having a strong share of the pasture and forage sorghum markets.

In the sale process, the Advanta business has been split, with chemical and biotech company Syngenta purchasing Advanta BV and keeping the North American corn, soybean and wheat business and selling the remaining world wide business, which includes Pacific Seeds to US based private equity company Fox Paine.

Fox Paine will also gain a 10% share of the Advanta North American business acquired by Syngenta.
The sale is subject to regulatory approval.
Pacific Seeds Managing Director, Chris Bazley said the sale process has been underway for some time, and now a buyer has been announced envisages that it will be business as usual for the Toowoomba based seed company.

"While the sale was only announced on Wednesday, it appears very little will change with the activities of Pacific Seeds," he said.

"In fact, we believe the end to speculation over the sales process will be good for business."
"New owners, Fox Paine and Company already have an interest and background in seed technology and marketing through their association with the world's largest fruit and vegetable seed company, Seminas."

Mr Bazley said Pacific Seeds' can now look forward to growth in both its domestic and international business.

"We will continue with our winning formula of comprehensive Australian based breeding and trialing programs which work hand in hand with the production and marketing of our quality open pollinated and hybrid varieties across crop groups."

Mr Bazley said Pacific Seeds will continue to have access to elite germplasm from across the world for the company's comprehensive plant breeding and research arm.

In a statement regarding the Fox Paine acquisition, President of Fox Paine, Dexter Paine said "We are excited by the prospect of participating in the future growth of Advanta through this strategic investment."
"Advanta's innovative agricultural technology, leading market positions and experienced and talented management team coupled with access to efficient capital from Fox Paine should accelerate the growth of this dynamic company."

Caption: Pacific Seeds Managing Director, Chris Bazley.