Illinois Foundation Seeds repurchases its shares from Dow Agrosciences

Illinois Foundation Seeds, Inc. (IFSI), a leading developer of sweet corn seed and commercial field corn seed, announced the completion of coordinated transactions involving redemption of a portion of the Company's shares and receipt of an equity investment to recapitalize the Company.

The stock redemption transactions included, among others, purchase of the minority ownership interest held by Dow AgroSciences, LLC, a wholly-owned subsidiary of The Dow Chemical Company. Dow AgroSciences acquired the IFSI minority interest in 1999.

Verdant Partners performed financial advisory services for Dow AgroSciences on the transaction.

George Terry, IFSI's Chief Executive Officer said: "We appreciate the support we received from Dow AgroSciences during the long and successful period it was a minority shareholder of IFSI. We will continue to work together with Dow AgroSciences as a technology partner to license genetic traits, germplasm and various crop protection products."

IFSI received funding for the stock redemptions from Armory Capital, LLC, a family investment office based in Champaign, Illinois. Tom Burrus, IFSI's Chairman said: "We are pleased to announce our new partnership with Armory Capital, a long-term investor that is uniquely aligned with IFSI's culture, core values and strategy. The Armory investment will give IFSI a capital structure that will help us grow and provide continuity. We are extremely pleased that IFSI will remain an independent seed company that can continue the successful culture developed by our founders, management team and dedicated employees."

"Illinois Foundation Seeds has an outstanding reputation in the seed industry for developing quality sweet corn and commercial seed inbreds and hybrid varieties. We are excited to partner with IFSI's management team, employees and other shareholders to build on the Company's 80-year history as a leader in the seed industry" said Jacob Ambrose, Managing Partner of Armory Capital.