Scotts gets deeper into the hydroponics game
ScottsMiracle-Gro is amping up its investment in the burgeoning hydroponics category.
Amid other third-quarter news yesterday, Scotts also announced its $136 million investment in Gavita, a Dutch maker of hydroponics gardening lights.
Scotts subsidiary Hawthorne Gardening Company acquired a 75% stake in the company, which has full-year sales of approximately $100 million.
That's in addition to Hawthorne's recent move to acquire Botanicare, an Arizona-based maker of hydroponics planet nutrients and supplements, and its year-ago purchase of California-based General Hydroponics Inc.
“Two years ago, we began sharing our vision for the hydroponic category and I’m pleased that we have been able to assemble some of the best brands in the industry,” CEO Jim Hagedorn said. “Our goal is for consumers and retailers in this space to consider our brands valuable to their ongoing success.”
The deal is expected to be accretive to earnings per share in fiscal 2017.
