HGS Hydro to Join GrowGen's
Portfolio, Expands Company's Footprint in Michigan
DENVER, July 28, 2021 /PRNewswire/ -- GrowGeneration
Corp. (NASDAQ: GRWG), ("GrowGen" or the "Company") the nation's
largest chain of specialty hydroponic and organic garden centers,
today announced the signing of an asset purchase agreement to
acquire HGS Hydro, the nation's third-largest chain of hydroponic
garden centers, with six stores across Michigan and a seventh store slated to open in
the fall of 2021. This transaction is expected to close before the
end of fiscal year-end 2021. Founded in 2015 by Rocky Shaeena, HGS Hydro is the largest chain of
hydroponic garden centers in the state of Michigan and generated approximately
$50 million in revenue in 2020.
When completed, the transaction will also bring the total number
of GrowGen hydroponic garden centers in Michigan to 14 and the total number of stores
to 65. The new GrowGen locations will include Shelby Township, Southfield, Sterling
Heights, Hazel Park,
Walled Lake, Albion, and Imlay
City, Michigan.
"We are excited to add HGS Hydro to our portfolio of stores
before year end, with its impressive leadership and commercial
teams. The addition of HGS Hydro will propel Michigan to GrowGen's second largest state
behind California. Michigan
is one of the fastest growing states for medical and recreational
cannabis sales." said Darren
Lampert, GrowGen's CEO. "We look forward to building on HGS
Hydro's experience as we continue to expand our commercial
footprint. This acquisition represents our continued focus on
purchasing 'best of breed' hydroponic operations in the U.S. and
strengthening our management team with seasoned veterans from our
industry."
"The combination of HGS Hydro and GrowGeneration will further
solidify GrowGen's leadership position as the nation's largest
chain of hydroponic garden centers. As one of the pioneers of our
industry, we are excited to bring our years of experience, insight,
and relationships to the GrowGen team to assist in the Company's
continued growth and success," said HGS Hydro's CEO Rocky Shaeena.
"At HGS Hydro, my biggest priority has always been serving our
loyal customers and providing an abundance of inventory at all
times. We have grown tremendously as a company in the past,
and I believe merging with GrowGeneration will help us continue to
grow with the best service and selection possible for our
customers." said Chris Kiryakoza,
HGS Hydro's COO.
About GrowGeneration Corp:
GrowGen owns and operates specialty retail hydroponic and
organic gardening centers. Currently, GrowGen has 58 stores, which
include 21 locations in California, 8 locations in Colorado, 7 locations in Michigan, 5 locations in Maine, 5 locations in Oklahoma, 2 locations in Nevada, 2 locations in Washington, 4 locations in Oregon, 1 location in Arizona, 1 location in Rhode Island,1 location
in Florida, and 1 location in
Massachusetts. GrowGen also
operates an online superstore for cultivators at growgeneration.com
and B2B ERP platform, agron.io. GrowGen carries and sells thousands
of products, including organic nutrients and soils, advanced
lighting technology and state of the art hydroponic equipment to be
used indoors and outdoors by commercial and home growers.
Forward Looking Statements:
This press release may include predictions, estimates or other
information that might be considered forward-looking within the
meaning of applicable securities laws. While these forward-looking
statements represent current judgments, they are subject to risks
and uncertainties that could cause actual results to differ
materially. You are cautioned not to place undue reliance on these
forward-looking statements, which reflect opinions only as of the
date of this release. Please keep in mind that the company does not
have an obligation to revise or publicly release the results of any
revision to these forward-looking statements in light of new
information or future events. When used herein, words such as "look
forward," "believe," "continue," "building," or variations of such
words and similar expressions are intended to identify
forward-looking statements. Factors that could cause actual results
to differ materially from those contemplated in any forward-looking
statements made by us herein are often discussed in filings made
with the United States Securities and Exchange Commission,
available at: www.sec.gov, and on the company's website, at:
www.growgeneration.com.
Company Inquiries:
GrowGeneration Corp.
610-216-0057
michael@growgeneration.com
Investor Contact:
John
Evans
GrowGeneration
john.evans@growgeneration.com
415-309-0230
Connect:
Website: www.GrowGeneration.com
Instagram: growgen
Facebook: GrowGenerationCorp
Twitter: @GrowGenCorp
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SOURCE GrowGeneration