Central Garden & Pet To Acquire Hopewell Nursery
December 17 2020 - 9:00AM
Business Wire
Transaction Builds Further Scale in the Garden
Industry’s Attractive Live Goods Category
Central Garden & Pet (NASDAQ: CENT, CENTA) (“Central”), a
market leader in the garden and pet industries, announced today
that it has entered into an agreement to acquire Hopewell Nursery,
a leading live goods grower serving retail nurseries, landscape
contractors, wholesalers and garden centers across the Northeast.
The addition of Hopewell Nursery to the Central portfolio further
bolsters its position as a leading live goods provider in the
garden segment. The Hopewell acquisition follows the Company’s
successful addition of Bell Nursery in 2018.
“We are pleased to welcome Hopewell Nursery into the Central
Garden & Pet portfolio and further expand our live goods
business,” said Tim Cofer, CEO of Central. “Acquisitions are a key
focus of our new Central to Home strategy, and we believe adding
Hopewell to our portfolio will help us build scale, enter priority
adjacencies, and better serve consumers with more high-quality live
goods offerings.”
Hopewell Nursery, with headquarters in Bridgeton, NJ, was
founded in 1988. Today, the company owns over 1,800 acres of
farmland in New Jersey and Maryland, which include over 9.5 million
square feet of polyhouse production, 100 acres of pot-in-pot
production and offers over 2,000 different varieties of plants,
mostly in the trees and shrubs categories. The company currently
employs approximately 500 people.
Hopewell will be a part of the Central Garden segment led by
J.D. Walker, President, Garden Consumer Products. Central Garden
& Pet’s Brett Guthrie, Chief Operating Officer of Bell Nursery,
will oversee the company’s live goods business, and the day-to-day
operations will continue to be run by current Hopewell
employees.
The transaction is expected to close on December 31, 2020.
Purchase price and other terms of the transaction are not
disclosed.
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 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.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of applicable securities laws. All statements, other
than statements of historical fact, could be deemed forward-looking
statements. Statements in this press release concerning Central’s
business, strategy and focus; our agreement to acquire Hopewell
Nursery; the ability to build scale in the live goods business and
enter priority adjacencies; and our overall future prospects are
forward-looking statements that involve a number of uncertainties
and risks. Actual results or events could differ materially from
those anticipated in those forward-looking statements as a result
of several factors, including, without limitation, our ability to
close the contemplated acquisition in a timely basis or at all, our
ability to integrate the acquired company, potential benefits of
the transaction to Central and our customers, and other factors
listed in our annual report on Form 10-K filed with the Securities
and Exchange Commission. All statements made in this press release
are made only as of the date of this press release. Central
undertakes no obligation to update the information in this press
release in the event facts or circumstances subsequently change
after the date of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201217005237/en/
Investor Relations Contact: Friederike Edelmann (925)
948-3657 fedelmann@central.com
Media Relations Contact: Liz Nunan (925) 878-9465
lnunan@central.com
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