Business
Central Garden & Pet To Acquire Hopewell Nursery
Transaction Builds Further Scale in the Garden Industry’s Attractive Live Goods Category WALNUT CREEK, Calif.--(BUSINESS WIRE)-- Central Garden & Pet
About this update from Central Garden & Pet Company
[{"type":"text","content":"\nTransaction Builds Further Scale in the Garden Industry’s Attractive Live Goods Category\n\n WALNUT CREEK, Calif.--(BUSINESS WIRE)--\nCentral 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.\n\n“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.”\n\nHopewell 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.\n\nHopewell 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.\n\nThe transaction is expected to close on December 31, 2020. Purchase price and other terms of the transaction are not disclosed.\n\nAbout Central Garden & Pet \n\nCentral 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 bigg...