GrowGeneration Acquires Mobile Media, MMI Agriculture For $9.4M

GrowGeneration Corp GRWG has acquired the assets of Mobile Media Inc and MMI Agriculture, a mobile shelving manufacturing and warehouse facility, for $9.4 million in cash and stock.

• The transaction is inclusive of inventory, fixed assets, and goodwill.
• MMI occupies two warehouses totaling over 70,000 sq. ft. and will continue to produce products in its manufacturing facility in New York. MMI generated over $14.0 million in revenue in 2021.
• "Combining the adoption of our Ion LED light and cost savings achieved through indoor vertical cultivation using MMI's vertical benching systems is an important part of GrowGen's value proposition," said Michael Salaman, GrowGen's President and Co-Founder.
• MMI has long been a manufacturer of high-density mobile shelving systems, commonly referred to as "benching."
• High-density mobile systems increase overall canopy space vertically and across the floor by maintaining one moveable aisle in each grow system.
• GrowGeneration held $93.0 million in cash and equivalents as of September 30, 2021.
• Price Action: GRWG shares are trading higher by 2.46% at $14.15 in premarket on the last check Tuesday.