Sun Gro Horticulture Income Fund (the Fund), together with its wholly owned subsidiary, Sun Gro Holdings, Inc., will acquire all of the outstanding shares of Grow Best Holdings, LLC for $20.3 million US.
Sun Gro Horticulture Income Fund (the Fund), together with its wholly
owned subsidiary, Sun Gro Holdings, Inc., will acquire all of the
outstanding shares of Grow Best Holdings, LLC for $20.3 million US.
Grow Best Holdings owns Florida Potting Soils, Inc. and Sunshine Peat,
Inc., both based in Orlando, Florida. “This acquisition will solidify
Sun Gro’s leadership in the large and growing Florida horticultural
market, which we currently supply with Canadian sphagnum peat-based
products,” said Mitch Weaver, president and CEO of Sun Gro
Horticulture Canada Ltd. and a trustee of the fund. “It will also put
us at the forefront of our industry in the southeastern United States.
With our acquisitions in California earlier this year, we will now have
manufacturing
facilities in each of the four largest professional markets in the
U.S.” The transaction is Sun Gro’s fourth acquisition in 2007.
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