Central Garden & Pet Acquires Largest Wholesaler of Aquarium Fish
October 24 2016 - 12:00PM
Business Wire
Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA),
a leading innovator, marketer and producer of quality branded
products for the lawn and garden and pet supplies markets,
announced today that it has purchased Segrest Inc., the leading
wholesaler of aquarium fish, for a cash purchase price of $60
million. The acquisition is not expected to be dilutive to earnings
in fiscal 2017 and accretive thereafter.
“An opportunity to secure a dynamic leader in its industry like
Segrest does not come around often,” said George Roeth, President
& CEO of Central Garden & Pet. “The acquisition allows
Central to strengthen its position in the aquatics category and
gives us the opportunity to enjoy significant synergies with our
existing aquatics business. Importantly, it also enables us to
partner with our customers to deliver healthy category growth.”
Roeth continued, “For 55 years, Segrest has provided quality and
superior service and has been a dependable partner to its
customers. Central shares these values and believes the addition of
Segrest into the Central family is a natural fit.” Roeth concluded,
“We are looking forward to working with Segrest’s excellent and
experienced management team, which will be staying on with Central,
to grow the business in the years ahead.”
About Central Garden & Pet
Central Garden & Pet Company is a leading innovator,
marketer and producer of quality branded products for the lawn
& garden and pet supplies markets. Committed to new product
innovation, our products are sold to specialty independent and mass
retailers. Participating categories in Lawn & Garden include:
Grass seed and the brands PENNINGTON®, and THE REBELS®; wild bird
feed and the brand PENNINGTON®; weed and insect control and the
brands AMDRO®, SEVIN®, IRONITE® and OVER-N-OUT®; and decorative
outdoor patio products under the PENNINGTON ® brand. We also
provide a host of other regional and application-specific garden
brands and supplies. Participating categories in Pet include:
Animal health and the brands ADAMS™ and ZODIAC®; aquatics and
reptile and the brands AQUEON®, CORALIFE® and ZILLA®; bird &
small animal and the brands KAYTEE®, Forti-Diet® and CRITTER
TRAIL®; dog & cat and the brands TFH™, NYLABONE®, FOUR PAWS®,
IMS™, PINNACLE® and AVODERM®; and equine and the brands FARNAM®,
HORSE HEALTH™ and VITAFLEX®. We also provide a host of other
application-specific pet brands and supplies. Central Garden &
Pet Company is based in Walnut Creek, California, and has
approximately 3,700 employees, primarily in North America. For
additional information on Central Garden & Pet Company,
including access to the Company's SEC filings, please visit the
Company’s website at www.central.com.
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: The impact of earnings contained in this
release which are not historical facts, are forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those set forth in
or implied by forward-looking statements. All forward-looking
statements are based upon the Company’s current expectations and
various assumptions. There are a number of risks and uncertainties
that could cause our actual results to differ materially from the
forward-looking statements contained in this release including, but
not limited to, the following factors:
- failure of the acquired business to
achieve expected results;
- our ability to integrate the acquired
business;
- seasonality and fluctuations in the
Company’s operating results and cash flow;
- fluctuations in market prices for seeds
and grains and other raw materials and the Company’s ability to
pass through cost increases in a timely manner;
- adverse weather conditions;
- dependence on a small number of
customers for a significant portion of our business;
- uncertainty about new product
innovations and marketing programs;
- dependence upon key executives and the
ability to execute on our succession plan; and
- competition in our industries.
These risks and others are described in Central’s Securities and
Exchange Commission filings. Central undertakes no obligation to
publicly update these forward-looking statements to reflect new
information, subsequent events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20161024006045/en/
Central Garden & Pet CompanySteven Zenker, 925-948-3657Vice
President of Investor Relations & Communications
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