Central Garden & Pet Completes Acquisition of Green Garden
February 16 2021 - 9:01AM
Business Wire
Acquisition Builds Further Scale in Garden
Segment with Entry into Attractive Adjacent Category
Central Garden & Pet (NASDAQ: CENT, CENTA) (“Central”), a
market leader in the garden and pet industries, announced today
that it closed the previously announced acquisition of Green Garden
Products (“Green Garden”), formerly known as Plantation Products,
from private-equity firm Freeman Spogli & Co. Green Garden,
headquartered in Norton, Mass., is a leading provider of vegetable,
herb and flower seed packets, seed starters and plant nutrients in
North America, shipping over 250 million seed packets annually.
“By adding Green Garden’s leading brands for vegetable, herb and
flower seed and seed starter packages, we are entering an important
adjacent category in the garden segment,” Tim Cofer, CEO of Central
Garden & Pet said. “With Green Garden now being an official
part of the Central team, we look forward to growing their
business, leveraging our strong merchandising, brand building and
digital capabilities.”
Under the terms of the merger agreement, the Company paid a
total of $532 million, subject to certain post-closing adjustments.
The acquisition was financed through cash on hand and borrowings
under the Company’s credit facility.
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 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.
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; the ability to build scale in the
seed category and add key digital capabilities; 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 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/20210216005044/en/
Investor Relations Contact Friederike Edelmann (925)
412-6726 fedelmann@central.com
Media Relations Contact Liz Nunan (925) 878-9465
lnunan@central.com
Central Garden and Pet (NASDAQ:CENTA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Central Garden and Pet (NASDAQ:CENTA)
Historical Stock Chart
From Apr 2023 to Apr 2024