Pendrell Buys Stake in Provitro
Provitro, formerly known as Booshoot, is a bamboo forestry company
Pendrell Corp. (Nasdaq: PCO) has acquired a majority stake in bamboo forestry company Provitro Biosciences LLC for an undisclosed amount.
Pendrell’s bought 68 percent of Provitro, a company that develop commercial-scale plant propagation methods. Provitro was formerly known as Booshoot LLC.
The deal should allow Provito to accelerate research and development, commercialization and licensing of plant technology. Mt. Vernon, Wash.-based Provito’s technology allows for renewable, sustainable plant production on a mass scale without genetic modification. The technology is used by the pulp, paper, energy, food textile and nursery markets.
The company sells bamboo plants, called Bamboo that Behaves, through Home Depot and Costco stores.
Pendrell is an intellectual property investment and advisory firm. The Kirkland, Wash.-based firm has also invested in ContentGuard and Ovidian Group.
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