Premier Tech acquires Sure-Gro

April 08, 2010
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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 consumer market.

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