Private equity group invests in Coast of Maine Organic Products
Photo / Lori Valigra
Bags of the Quoddy Blend lobster compost made by Coast of Maine Organic Products.
Coast of Maine Organic Products, a Portland-based maker of compost sold in garden stores and retailers like Whole Foods Market, has sold an ownership stake to a private equity firm.
The deal was announced by Coastal Ventures Limited Partnership, a venture capital fund launched by Coastal Enterprises Inc. that had invested a total of $260,000 in Coast of Maine Organic Products.
The investor is Wellesley, Mass.-based Gemini Investors, according to a press release from Boston-based Tully & Holland Inc., which served as financial adviser for the investment. Terms of the deal were not disclosed.
Coast of Maine Organic Products, which has 20 employees, makes and markets organic compost created, in some cases using lobster and shellfish waste, is headquartered in Portland and has operations in Marion Township.
Carlos Quijano, president and founder of Coast of Maine Organic Products, will continue to oversee operations, along with Sid Malone, senior vice president. The investment, the scope of which was not disclosed, will help with future growth.
“As we embark on our next stage of growth, Coast of Maine is delighted to partner with Gemini Investors, who has deep experience in developing entrepreneurial businesses,” Quijano said in a press release.
Jimmy Rich, managing director of Gemini Investors, added: “Coast of Maine is a well-recognized brand beloved by organic gardeners and independent garden centers alike, participates in the high growth, on-trend organic gardening category and is poised to continue its strong growth in the years ahead.”
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On the Record with Carlos Quijano, founder of Coast of Maine Organic Products
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