A federal bankruptcy judge in Columbia, S.C., has accepted an offer from Blackstreet Capital, a private equity firm in Chevy Chase, Md., to purchase financially troubled Greenwood, S.C.-based Park Seed Co.
As part of the sale, Blackstreet has agreed to maintain the seed company’s 150-person workforce and to remain in Greenwood for at least 3 years. Blackstreet would have to pay the bankruptcy estate, the state and Greenwood County each a $500,000 penalty if it relocates sooner.
The seed company’s creditors, which include Ball Horticultural Co. and C. Raker and Sons, indicated they were pleased with the offer.
Pictured: Gaillardia grandiflora 'Arizona Red Shades' available from Park Seed Co.