Concentric Ag Corporation announced 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 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,” says 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.
