- Specialty hydroponic and organic garden center GrowGeneration Corp GRWG has acquired Commercial Grow Supply, a hydroponic superstore in California, for an undisclosed sum.
- Commercial Grow Supply, founded in 2011 by Sevan Derohanian, has annual revenues of about $10 million.
- The acquisition brings the number of GrowGen locations in California to 22 and nationwide locations to 60.
- GrowGeneration had recently raised its 2021 revenue guidance to $455 million - $475 million, versus the consensus of $459.55 million.
- GrowGeneration held $124.5 million in cash and equivalents as of June 30, 2021.
- GrowGeneration plans to have over 70 garden center locations by the end of 2021.
- Price Action: GRWG shares are trading higher by 2.12% at $31.73 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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