NORTON, Mass., Dec. 31, 2020 /PRNewswire/ -- Green Garden
Products, a leading supplier of branded consumable gardening
products, announced today that it has signed an agreement to be
acquired by Central Garden & Pet (NASDAQ: CENT, CENTA)
("Central"), a market leader in the Garden and Pet industries, for
$532 million. The transaction
is expected to close in the first calendar quarter of 2021, subject
to certain closing conditions, including regulatory approval.
The transaction marks the culmination of Green Garden Products'
significant growth and continued evolution as a market leader in
the gardening segment, particularly in the past six years with the
launch of its eCommerce platform, expansion into new categories and
its partnership with Freeman Spogli
& Co., a leading middle market private equity firm.
"Green Garden Products has grown into the largest seed and seed
starting company in North America. Our team is excited to
join forces with Central Garden & Pet, a company with an
outstanding team and an excellent reputation in the lawn and garden
industry," said Michael
Pietrasiewicz, President and CEO of Green Garden
Products. "As a company that has historically focused on the
early season gardener, we feel that this combination can now
provide an opportunity to deliver new products and experiences
throughout the entire journey of the gardener. In addition, this
transaction is a testament to the outstanding work of our
associates and our management team, and an acknowledgement of the
excellent partnerships that we have established with our retail
customers, suppliers, and Freeman
Spogli & Co., who, in particular, has been an excellent
and very supportive partner over the last six years."
Tim Cofer, CEO of Central, added:
"We are thrilled to welcome Green Garden into the Central Garden
& Pet team upon closing. Our new Central to Home
strategy is focused on building further scale in our two operating
segments and meeting consumer and customer needs. Adding
Green Garden's well-known and trusted seed and seed starting brands
for vegetables, herbs and flower gardens will expand our portfolio
into an attractive adjacent garden category and will strengthen our
footprint with key retail customers. Moreover, we expect to
leverage our strong merchandising, brand building and digital
capabilities to grow sales for both Central and our retail
partners."
Green Garden Products was assisted by lead advisor William Blair & Company and co-advisor
BlackArch Partners, and Morgan, Lewis & Bockius provided legal
representation. Orrick, Herrington & Sutcliffe LLP served
as the legal advisor to Central.
About Green Garden Products
Headquartered in
Norton, Massachusetts, Green
Garden Products is the leading supplier of seed packets and seed
starter products for flower and vegetable gardens in North America, as well an emerging participant
in the specialty soil category. The Company distributes over 3,500
SKUs under the Ferry-Morse,
American Seed, Livingston Seed, McKenzie, NK Lawn & Garden,
Jiffy, SUPERthrive, Dyna-Gro and Seeds of Change brand names to a
network of over 70,000 retail locations across the home center,
mass merchant, farm and independent, dollar store, and
distributor/co-op channels. The Company provides its retail
customers with best-in-class category management services including
SKU selection, packaging and displays, in-store merchandising
services, and logistical solutions. In addition to its headquarters
in Massachusetts, the Company
maintains production and distribution facilities in Ohio, California and Manitoba. For additional information about
Green Garden Products, please visit the Company's website at
www.greengarden.com.
About Central Garden & Pet
Central Garden &
Pet (NASDAQ: CENT, CENTA) understands that home is central to life
and has proudly nurtured happy and healthy homes for over 40 years.
With 2020 net sales of $2.7 billion,
Central is on a mission to lead the future of the pet and garden
industries. The Company's innovative and trusted products are
dedicated to help lawns grow greener, gardens bloom bigger, pets
live healthier and communities grow stronger. Central is home to a
leading portfolio of more than 65 high-quality brands including
Pennington, Nylabone, Kaytee, Amdro and Aqueon, strong
manufacturing and distribution capabilities and a passionate,
entrepreneurial growth culture. Central Garden & Pet is based
in Walnut Creek, California and
has over 6,300 employees across North
America and Europe. For
additional information about Central, please visit the Company's
website at www.central.com.
About Freeman Spogli &
Co.
Freeman Spogli & Co.
is a private equity firm dedicated exclusively to investing in and
partnering with management in consumer and distribution companies
in the United States. Since its
founding in 1983, Freeman Spogli has
invested over $5 billion in 65
portfolio companies with an aggregate transaction value of over
$25 billion, and is currently making
investments from FS Equity Partners VIII, L.P. Freeman Spogli has offices in Los Angeles and New
York. For additional information, visit
www.freemanspogli.com.
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SOURCE Green Garden Products