Scotts Company to acquire Smith & Hawken

Manufacturing News, Source : TheManufacturer.com
Published : 09 Aug 2004 15:58

The Scotts Company, a manufacturer of consumer lawn and garden care products, announced today it will acquire Smith & Hawken, a maker of garden tools and high-end outdoor furniture, for approximately $72 million, including the assumption of $14 million of existing debt.

Smith & Hawken products are sold through its 56 retail stores around the United States as well as through catalog and Internet sales. "Growth through additional channels of distribution will be key to our strategy as we look to bring this premium brand to even more consumers in more places," said Jim Hagedorn, chairman and chief executive officer of The Scotts Company, in a statement.

"We're excited to join an organization that shares our passion for gardening and high quality products," said Barry Gilbert, chief executive officer of Smith & Hawken, in a statement. "Our team has done an excellent job building the Smith & Hawken brand, but we have only scratched the surface. We look forward to working within the Scotts family and doing everything we can to enable our brand to reach its full potential."

Upon completion of the deal, Gilbert, who has led Smith & Hawken since 2001 and was previously vice chairman and chief operating officer of The Sharper Image, will continue to lead the Smith & Hawken business. The rest of the Smith & Hawken management team also will be retained.

Smith & Hawken is projected to report 2004 revenue of about $145 million.

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