In Partnership with Q2Earth, Florida-Based Firm Expected to be First in
Broader Portfolio Strategy in Sustainable Soil, Ag-Tech Sectors
Los Angeles, CA., Nov. 19, 2018 (GLOBE NEWSWIRE) -- Checkmate Capital, an investment group managing family office assets and Asian-Pacific institutional funds, announced today that it has funded $4.4 million to complete the acquisition of George B Wittmer Associates, Inc. (“Wittmer/Agricycle”), a leading waste management and compost manufacturing company based outside of Jacksonville, Florida. Checkmate Capital provided the funds to an entity co-owned with Q2Earth Inc. (OTCQB: QPWR), its partner in a broader investment strategy for the soil science and ag-tech sectors.
The Wittmer/Agricycle acquisition establishes a strategic asset for Checkmate and Q2Earth, including 200 acres of land in Callahan, FL (the Agricycle composting facility) plus on-site operations in Georgia, Florida and Alabama where they service some of the largest paper companies in the US. Wittmer/Agricycle manages waste streams from paper mills that support the "Amazon" economy, manufacturing shipping and other high demand and specialty paper products. With these waste streams, Wittmer/Agricycle finds beneficial reuse solutions with a focus on compost and soils sold to the horticulture and agriculture industries.
Q2Earth will oversee day-to-day operations of Wittmer/Agricycle and pursue additional acquisition and growth opportunities for the partnership pursuant to a long-term management agreement. The partners believe there is significant opportunity for Wittmer/Agricycle to expand its service reach to other paper mills throughout North America, as well as increase output, quality and value of its compost and engineered soil products at the Agricycle site.
“We are delighted to provide the financing to build this strategic partnership,” said Tom Paschall, Managing Partner at Checkmate Capital. "With the momentum from this excellent acquisition, we anticipate additional near-term investments in this space. We also look forward to building a broader partnership between Checkmate and Q2Earth, which has assembled a solid team with vast experience in compost facility management, environmental services, acquisitions and operational integration.”
Ray Wu, Managing Partner at Checkmate Capital, added: “We welcome the Wittmer/ Agricycle operations to our growing agribusiness portfolio and are excited to work on capital expansion initiatives to help further serve Wittmer/Agricycle customers and additional industrial plants throughout the country.”
Kevin Bolin, Chairman and CEO of Q2Earth, stated: "The supportive relationship we have with Checkmate is enabling us to expand with a powerful core asset. Wittmer/Agricycle is a leader in the industry, and we believe it will be a solid foundational acquisition for Q2Earth and Checkmate Capital.”
About Q2Earth
Q2Earth invests in and manages leading manufacturers of compost and engineered soils from recycled waste for the agriculture, horticulture, construction and infrastructure sectors. Through a plan of investments, acquisitions, strategic alliances, and organic growth focused on creating and marketing quality beneficial reuse end products, Q2Earth seeks to build the preeminent compost and soil company.
About Checkmate Capital
Checkmate Capital is an investment group managing family office assets and Asian-Pacific institutional funds. Checkmate's primary areas of investment are agricultural bioscience, energy and energy technology, biomedical and biotechnology, and diversified special situations opportunities. With offices in Los Angeles, Beijing and an affiliate office in Singapore, Checkmate's investment partners provide seasoned and diverse expertise in their relevant industries and leverage a powerfully efficient international ecosystem of strategic partners, business talent and resources. Typically, long-term focused, Checkmate's investment approach embodies strategic oversight and an ownership paradigm.
Press Contact:
Erica Lee
erica@checkmate.capital