April 8, 2010, Halifax – Buyout firm
Clarke Inc. has sold its stake in garden care product supplier Sure-Gro
Holdings Inc. to Premier Tech for about $13.5 million.
Halifax-based Clarke, a company that
specializes in buying up ailing businesses, turning them around and reselling
them, said Thursday that it will make total proceeds of about $10.4 million in
cash and $3.1 million in notes. It will also retain ownership of other assets,
including real estate, with an estimated market value of about $800,000.
Clarke has a total investment in
Sure Gro Holdings Inc. of approximately $5.8 million, through a combination of
debt and equity.
Sure-Gro supplies fertilizer, grass
seed, controls, horticulture and ice melt under brand names such as CIL,
Golfgreen, Nature Mix, Green Earth, Wilson and Alaskan Ice Melter.
Premier Tech , based in Riviere-du-loup, Que., said the 225 employees of
Sure-Gro will be integrated into its team and the company will deploy its
brands and products in conjunction with Premier Tech’s own in the Canadian