GrowGeneration Continues Buying Spree With Colorado-Based Grow Warehouse
GrowGeneration Corp. (NASDAQ:GRWG) has acquired Grow Warehouse, a four-store chain of hydroponic and organic garden stores in Colorado and Oklahoma.
The price tag wasn’t disclosed.
The deal follows two other purchases the company made this year. Earlier this month, GrowGeneration picked up Grow Depot, a two-store chain in Auburn and Augusta, Maine, which the company. Before that, it bought Washington-based Indoor Garden & Lighting in an effort to expand across Seattle and Tacoma.
With the newest purchase of Grow Warehouse, the hydroponics innovator will hold a total of 46 hydroponic garden centers across the nation, having new locations in Colorado Springs and Pueblo, Colorado, and Oklahoma City, Oklahoma.
In Colorado, it will run a total of eight hydroponics garden centers, and in Oklahoma five.
The Denver-based company noted that Grow Warehouse’s annual revenues reach around $20 million. Furthermore, Grow Warehouse’s professional cultivators will be welcomed to the GrowGeneration’s team.
The company previously said its aims to hold 55 garden centers by the end of 2021.
"We continue to acquire best-of-breed hydroponic stores that complement our existing footprint and accelerate our growth strategy," GrowGeneration CEO Darren Lampert says. "Grow Warehouse is our third acquisition this year and boasts a team of 50-plus grow professionals and an additional 35,000 square feet across four state-of-the-art facilities. It's exactly the type of acquisition that will continue to position GrowGen for long-term growth and success."
Grow Warehouse CEO Mark Rees said they are excited to become part of the GrowGeneration.
"Since its inception, Grow Warehouse has worked to raise the level of service, products, and knowledge in the hydroponic industry to that standard of excellence for which Grow Generation has become known," he said.
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