Open Prairie Rural Opportunities Fund Invests to Diversify Product Lines and Market Initiatives for Northern Feed and Bean
EFFINGHAM, IL, June 24, 2021 – The Open Prairie Rural Opportunities Fund announces a growth-stage investment in Northern Feed and Bean. Headquartered in Lucerne, Colorado, Northern Feed and Bean has been serving bean growers and livestock producers since 1952. With a network of more than 300 growers across Colorado, Wyoming and Nebraska, Northern Feed and Bean has established itself as the leading provider of premium pinto, mayocoba and black beans – marketed and distributed in the United States, Mexico and the Dominican Republic under the Frontier™ brand. The company is also a Certified Expert distributor for Purina® and one of the nation’s largest Purina® dealers, offering a complete line of Purina® products for livestock and companion animals.
In tandem with Northern Feed and Bean’s management team and Fenix Equity Group, Open Prairie will work to leverage Northern Feed and Bean’s nearly seventy-year legacy of grower relationships and innovation. Jay Ewald, CEO of Northern Feed and Bean stated, “Building upon the multi-generational foundation and leadership that Northern Feed and Bean has created with the Frontier™ brand, we are excited about navigating the plethora of opportunities in partnership with the Open Prairie team as we embark on the company’s next phase of growth.”
Key initiatives for Northern Feed and Bean include development of new bean varieties, introduction of commercial programs targeting the plant-based food sector, acceleration of expansion into growing international markets and establishment of new distribution channels through retail, food service and e-commerce platforms. The core of Northern Feed and Bean’s strategy will have significant emphasis on the implementation of diversity, sustainability and environmental stewardship initiatives through all facets of company operations. John Marsh, Managing Director at Fenix Equity Group, will work with management to oversee the execution of this strategy as Chairman of the Board of Northern Feed and Bean.
With the investment from the Open Prairie Rural Opportunities Fund, Lee Strom, Partner at Open Prairie, will become a member of the Northern Feed and Bean Board of Directors. Mr. Strom commented, “Northern Feed and Bean is another great rural American business and is uniquely positioned to expand the Frontier™ brand as consumers and food companies continue to demand high quality, plant-based proteins as integral ingredients for a growing variety of products.”
About Open Prairie
Open Prairie, based in the heartland of America with headquarters in Effingham, Illinois, is a multi-faceted private equity fund management firm with deep roots in rural America. For more than twenty years, Open Prairie has consistently focused on facilitating capital accessibility in underserved markets. The Open Prairie team has managed funds ranging from technology-based venture capital to farmland portfolios. Through its expertise across all functional business disciplines and an extensive network of professionals, Open Prairie works in partnership with its portfolio companies to accelerate growth while providing top tier returns to its investors. For more information about Open Prairie, please visit www.openprairie.com.
About the Open Prairie Rural Opportunities Fund
The Open Prairie Rural Opportunities Fund is an $81 million private equity fund licensed by the US Department of Agriculture (USDA) as a Rural Business Investment Company (RBIC). With a collaborative partnership comprised of investors from Farm Credit institutions, commercial and community banks, strategics, family offices and high net worth individuals committed to advancing rural America, the Open Prairie Rural Opportunities Fund is focused on providing debt and equity capital of $2 - $10 million to growth companies in food and agriculture. For more information on the Open Prairie Rural Opportunities Fund, please visit www.openprairie.com.
About Northern Feed and Bean
Northern Feed and Bean is a provider of services to growers and livestock feeders throughout the Western United States. With a legacy spanning more than sixty-five years, Northern Feed and Bean has become a leader in premium pinto, mayocoba and black beans. The Frontier™ brand of beans, synonymous with quality and consistency, is one of the most recognized brands in the United States, Mexico and the Dominican Republic. Northern Feed and Bean is also a Purina® Certified Expert distributor of Purina®. To learn more about Northern Feed and Bean and the Frontier™ brand, visit www.northernfeedandbean.com.
About Fenix Equity Group
The Fenix Equity Group is a leveraged buy-out partnership organized to acquire companies with existing operations, significant recurring revenue opportunities, and competitive strategic positioning within the agricultural and consumer package goods value chains. The combined Fenix team has executed domestic and international transactions and acquisitions totaling more than $2.7 billion USD with senior executive experience within public and private companies. For more information on Fenix Equity Group, visit www.fenixequity.com.
Contacts
Open Prairie – Jason Wrone – +1.217.347.5430 – jason@openprairie.com
Northern Feed and Bean – Jay Ewald – +1.970.352.7875 – jay@nfbean.com