GrowGeneration Buys Indoor Garden & Lighting, Expands To Seattle And Tacoma

Hydroponics Innovator GrowGeneration Corp. GRWG has agreed to buy Washington-based Indoor Garden & Lighting.

The financial details of the acquisition weren’t released.

Indoor Garden & Lighting is a two-store chain providing indoor gardening gear and hydroponic materials across Seattle and Tacoma, Washington. It was founded in 1995.

GrowGeneration will merge its existent Seattle operation into the newly-purchased stores, and that it will operate out of Indoor Garden & Lighting's Tacoma warehouse.

Indoor Garden & Lighting founder Mike Long, along with his team of cultivation specialists, will become part of the GrowGeneration team.

This is GrowGeneration’s first acquisition in 2021. The company raised its total number of hydroponic centers across the U.S. to 40 stores.

Earlier in January, GrowGeneration pre-announced revenues of $61.5 million for the fourth quarter, or $192 million for the full 2020, which is by 140% higher than in 2019. What’s more, the company lifted its revenue guidance for 2021 to somewhere between $335 and $350 million, and also lifted its adjusted EBITDA guidance for the current year to $38-$40 million.

By the end of 2021, the company aims to hold 55 garden centers.

"We're thrilled to kickstart 2021 with our acquisition of Indoor Garden & Lighting, which boasts a strong commercial customer base and a talented team of grow professionals," GrowGeneration CEO Darren Lampert said. "This deal expands our footprint in the Pacific Northwest and puts us in close proximity to Tacoma's large commercial operators. With the addition of Indoor Garden & Lighting, we expect Washington's thriving adult-use market to generate annual revenues of $10 million for GrowGen."