GrowGeneration To Acquire Horticultural Rep Group For Undisclosed Price

GrowGeneration Corp. GRWG the nation's largest chain of specialty hydroponic and organic garden centers, confirmed Monday it will acquire Horticultural Rep Group (HRG). In addition, Keith Harrington founder and president of HRG has been appointed senior vice president of business development at GrowGen.

"With this acquisition, GrowGen is strengthening its global product supply chain and adding significant distribution of its growing list of private label products," Michael Salaman, president and co-founder of GrowGen stated. "Keith Harrington is one of the most respected executives and one of the early innovators of the U.S. modern horticultural market. We are excited that he will contribute his multi-decade expertise to the GrowGen team."

HRG is a specialty marketing and sales organization of horticultural products based in Ogden, Utah. It represents hundreds of product SKU's for GrowGen and other companies that are popular brands in the hydroponics market. In addition, HRG has participated in the sourcing of products across the horticultural and hydroponics industry. HRG will continue to supply the 800+ retail customers it currently services. HRG generated estimated revenue of $10 million in 2021 from sales agent commissions and distribution activity.

"I am looking forward to working with GrowGen to build out a tri-continent supply chain to offer developing markets around the world a best-of-breed supply of products from Asia, Europe, and the United States on one platform." Keith Harrington, Founder and President of HRG stated. "Given the current pace of consolidation happening in the U.S. market, I chose to partner with GrowGen because I believe it currently has the best management team in the industry and the best understanding of the culture of the market, which is important to me. I am excited to help them grow that culture and their business at the same time."

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Price Action

GrowGen shares were trading 0.54% lower at $7.30 per share during Monday’s pre-market session.

Photo: Courtesy of Richard T on Unsplash