Jul 5, 2006
NASHVILLE, Tenn. - EcoSMART Technologies, a world leader in proprietary pesticide products derived from natural plant oils, announced today that it has secured $9 million in its latest round of private equity financing. The funds will be directed toward market expansion in the commercial pest control and agricultural markets, as well as research and development of new products. The lead investors are Element Partners and RockPort Capital.
“EcoSMART’s patented formulations harness nature’s own defenses against insects and other pests. This important equity financing will enable us to expand our reach in existing and new agricultural, commercial and residential markets and to continue to create private label products for national brands,” said Steven Bessette, EcoSMART’s founder and president. “We are excited to have Element Partners and RockPort Capital join Cordova Ventures, Delta Capital and Early Stage Partners as visionary investors in our company,” Bessette added.
As the U.S. increasingly embraces organic alternatives to chemical pesticides, EcoSMART’s proprietary technology and products are being used by large national companies such as Terminix, Orkin, S.C. Johnson, Sergeant’s Pet Care Inc. and Green Light Company in residential and commercial settings. With powerful solutions to the problems of chemical toxicity and pest resistance, EcoSMART’s agricultural division is also the first to provide an effective alternative to synthetic pesticides that can be used by conventional, transitional and organic farmers. The global pesticide market is estimated to be $30 billion.
“We are extremely pleased to make an investment in EcoSMART Technologies,” said Michael DeRosa, managing director of Element Partners. “EcoSMART has already developed a broad line of products that have proven to be effective and cost competitive while offering unprecedented levels of safety and environmental performance. We look forward to working with the company and our co-investors to help these incredible products achieve their full market potential,” DeRosa stated.
In an earlier series of equity financing in 2004, EcoSMART secured $6 million from Cordova Ventures, Early Stage Partners and Delta Capital. The addition of the latest funds from Element Partners and RockPort Capital Partners will provide the necessary resources for EcoSMART to expand its share of existing markets while breaking into new market segments with its innovative products.
“We view the markets for low-impact pesticides as large and growing. EcoSMART’s leading position and proprietary technology are evidenced by its success in the commercial, retail and agricultural markets,” said Todd Wilson, a partner at RockPort Capital Partners. “Add to this a strong and focused management team, and we believe the company is poised for tremendous commercial success. We are excited to be an investor in EcoSMART,” Wilson added.
About EcoSMART Technologies
EcoSMART Technologies is a world leader in proprietary pesticide products derived from natural plant oils. The active ingredients in EcoSMART’s products are unique, synergistic blends of essential oils, many of which are classified GRAS (generally recognized as safe) by the U.S. Food and Drug Administration and approved as direct food additives. EcoSMART Technologies is the first company to economically enable a realistic shift from synthetic to botanical pesticides in the residential, commercial, industrial and agricultural markets. For more information, visit http://www.ecosmart.com} or call (877) 667-0006.
About Element Partners
Element Partner is a leading private equity fund focused on clean technology. The Fund invests in companies bringing cost effective solutions to environmental and resource constraints in energy, water and other large industrial and commercial markets. Element Partners is managed by the industry’s most experienced group of dedicated clean technology investors. The Element principals have invested more than $800 million in clean technology funds. For more information, visit http://www.elementpartners.com.
