ScottsMiracle-Gro acquires Fafard
October 7, 2014 By Canadian Garden Centre & Nursery
Oct. 7, 2014, Marysville, OH – Scotts Canada Ltd. has acquired Fafard and Brothers Ltd.
Fafard, which is located in Saint-Bonaventure, Que., and has been in continuous operation since 1940, is a leader in the production of high-quality peat moss and high-performance growing media products, including peat-based and bark-based mixes, composts and premium soils. Fafard serves customers primarily across Ontario, Quebec and New-Brunswick.
"Acquiring Fafard will allow us to further strengthen our North America competitiveness," said Jim Hagedorn, chairman and chief executive officer of ScottsMiracle-Gro. "Leveraging the expertise Fafard has developed over the years, as well as its significant capacity for peat, will enable the continued growth of our Canadian business, while providing a valuable input in our growing media global supply chain."
Fafard also distributes a full range of related products for the gardening industry including fertilizers, mulch and grass seed. Fafard serves both the retail and professional grower markets and is widely recognized for the quality of its products, customer and market responsiveness, and certification by world-wide sustainability standards organizations. Fafard is committed to best-in-class management practices in all aspects of sustainable development.
"The Fafard family is pleased with today's announcement and believes this transaction provides the best opportunity to drive long-term growth," said Martin Fafard, president of Fafard. "Both our companies have the same relentless commitment to providing the best service to our customers. This deal will allow Fafard to further develop its leadership across distribution channels, as well as leverage Scotts' world-class supply chain, research and development and marketing capabilities."
ScottsMiracle-Gro expects the Fafard business to add annual sales of approximately $40 million and for the transaction to be earnings accretive in fiscal 2015.
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