GrowGeneration Buys San Diego Hydroponics & Organics, Amasses 55 Garden Centers
GrowGeneration Corp. (NASDAQ:GRWG) bought San Diego Hydroponics & Organics, a four-store chain of organic, hydroponic and aquaponics garden centers in San Diego, California.
The acquisition price wasn’t disclosed.
GrowGen is getting closer to reaching its goal of running a total of 55 garden centers by the end of the year.
San Diego Hydroponics & Organics purchase marks the hydroponics innovator’s fourth acquisition this year, pushing its total number of hydroponic garden centers to 50.
Out of those 50, GrowGen runs 17 stores in California, with eight of them based in the southern part of the state.
Earlier this year, the company acquired Washington-based Indoor Garden & Lighting in an effort to expand across Seattle and Tacoma. Later, it bought Grow Depot, a two-store chain in Auburn and Augusta, Maine. The third purchase was of Grow Warehouse, a four-store chain of hydroponic and organic garden stores in Colorado and Oklahoma.
The Denver-based company reported that San Diego Hydroponics & Organics is considered a San Diego County’s leading hydroponic equipment supplier, having yearly revenues close to $10 million. It also runs more than 20,000 square-feet of retail space.
Per the deal, 20 employees of San Diego Hydroponics & Organics will join GrowGen’s professional team.
"Southern California is a priority market for GrowGeneration, and we are excited to add San Diego Hydroponics & Organics to our ever-expanding footprint there," GrowGen CEO Darren Lampert stated. "As the leading hydroponics supplier, San Diego Hydroponics & Organics strategically positions GrowGen to conveniently provide our services to commercial growers in the Southern California market."
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.