CEO Donald R. Marvin will become the executive chairman of Concentric's Board of Directors
DENVER, Feb. 27, 2019 /PRNewswire/ -- Concentric Ag Corporation, one of the leading developers of biological and plant nutrient inputs, announced today that its President and CEO Donald R. Marvin will transition within the next few months to become the executive chairman of its board of directors.
Marvin joined Concentric (formerly Inocucor) as CEO when it was a virtual agtech startup in 2014. He is widely credited with implementing a robust and successful financing strategy and M&A and corporate development initiatives that have propelled Concentric to a place among agtech's top performers. The company has grown from one small office in Montreal to three collaborative business units with more than 60 registered biological and plant nutrient products in the market across North America.
This change is part of a carefully constructed succession plan developed by Marvin in concert with Concentric's board of directors. He will serve as acting CEO until a successor is named and will be an adviser to the new CEO during the transition. In his new role, he will oversee strategy formation, corporate finance and communications activities, including mergers and acquisitions that align with Concentric's short-term and long-term business goals.
"Don will manage Concentric's growth strategy in the biological and associated plant health markets," said Jim Blome, independent non-executive chairman of Concentric's board, who will assume a new role as independent lead director following the transition. Concentric plans to seek additional growth equity capital in the near future to fuel its global expansion plans.
During 2018, Concentric acquired ATP Nutrition, a producer of science-based essential plant nutrient products based in Oak Bluff, Manitoba, Canada. It also opened a 30,000-square-foot U.S. headquarters and commercialization office in Centennial, Colo., and doubled the size of its Montreal R&D Technical Center of Excellence to 20,000 square feet.
The company employs about 60 people in the U.S. and Canada today and plans to add 20 to 25 high-level scientific and managerial professionals over the next 18 to 24 months.
Concentric raised $10 million (CAD) in a Series A financing in 2016 and closed a Series B funding round of $54.4 million (USD) last April. Private equity investors include Pontifax AgTech (Los Angeles), TPG ART (San Francisco), Cycle Capital Management (Montreal) and Desjardins Innovatech (Montreal).
The search for a new President and CEO is being conducted by executive search firm Hobbs & Towne.
Photos and graphics to accompany this announcement can be downloaded at this link: https://www.dropbox.com/sh/yeyzlng4z9goom3/AADfBkPAJZuTISrzI_TsCjw2a?dl=0
Concentric (formerly Inocucor) is an agtech company that develops prescriptive biological and essential plant nutrient inputs for specialty and broadacre crops. Its products target the entire phyto-microbiome: the seeds, plants, root systems and the soil surrounding them. They are distributed through national distributors and retailers across Canada and the U.S. Concentric is headquartered in Centennial, Colo. Its Canadian headquarters and Technical Center of Excellence is located in Montreal. Its ATP Nutrition subsidiary is located in Oak Bluff, Manitoba, Canada. For more information, visit www.ConcentricAg.com and follow Concentric Ag on Facebook, Twitter, LinkedIn, YouTube and Instagram.
Donald R. Marvin
President and CEO & Director, Concentric Ag
Marvin has been a biotechnology entrepreneur and leader in the commercialization of new agri-food, life sciences and research products for more than 30 years.
Prior to joining Concentric as president and CEO in 2014, he was the president and CEO of Cairn Associates Inc., a biotechnology, life science and consumer products strategy development and financial advisory firm.
Earlier, Marvin was the president and CEO of IdentiGEN, Inc., a leading provider of DNA-based solutions to the agriculture and food industries. He was a co-founder of Nasdaq-traded Orchid BioSciences, a pioneer in human DNA identity testing, where he served as its chief operating officer, chief financial officer and senior vice president of corporate development.
Earlier in his career, Marvin was president and CEO of Diatron Corporation, a biomedical company developing fluorescence-based instrument systems for the clinical diagnostics industry.
His expertise includes strategic planning, business development, technical administration and operations for PepsiCo, Abbott Laboratories and Bayer AG, as well as domestic and international marketing and sales for the clinical diagnostics subsidiary of Boehringer Ingelheim.
Marvin is a serial entrepreneur with a track record of building exceptional value for stakeholders at several life science and agri-food companies. Formerly New Jersey's CFO of the year, he has raised nearly $400 million in both private and public financings and completed over a dozen successful mergers and acquisitions transactions for his former companies. He has served on the boards of several public and privately held companies and currently serves on the board of MicroBiome Therapeutics, Inc.
He earned a Bachelor of Science in Microbiology from Ohio State University and a Master of Business Administration in Organizational Behavior and Finance from Iona College.
James A. Blome
Independent Non-Executive Chairman of the Board, Concentric Ag
Blome is the CEO of Calyxt, a biotechnology company that is developing high-nutrition food ingredients. Prior to Calyxt, he was president and CEO of Bayer CropScience, LP, for more than seven years. In 2018, he received the Industry Vision Award from the Mid America CropLife Association for his more than 30 years of leadership in agriculture.
Blome serves as Founding Chairman of the Board for US Farming and Ranching Foundation and the Chairman of Concentric Ag (USA and Canada). He formerly served as the Chairman of CropLife America.
Blome grew up on a family corn and soybean farm in Hubbard, Iowa, and is a degreed agronomist from Iowa State University. He is the 2013 recipient of the Henry A. Wallace Award from Iowa State University for outstanding leadership and service to agriculture.
Contact: Michele Wells, Wells Communications, +1 303-417-0696
SOURCE Concentric Ag Corporation