April 14, 2024


Home living innovation

GrowGeneration Acquires Washington-Based Indoor Backyard and Lighting, Expands Footprint in Pacific Northwest

Acquisition Brings Overall Amount of GrowGen Destinations to 40

DENVER, Jan. 26, 2021 /PRNewswire/ — GrowGeneration Corp. (NASDAQ: GRWG ), (“GrowGen” or the “Company”) the nation’s largest chain of specialty hydroponic and organic and natural yard facilities, currently declared the acquisition of Indoor Backyard garden & Lighting, a two-shop chain of hydroponic devices and indoor gardening provide merchants serving the Seattle and Tacoma, Washington region. The Corporation will be consolidating its recent Seattle procedure into the obtained merchants. This acquisition brings the full quantity of GrowGen hydroponic garden centers nationwide to 40 stores.

“We’re thrilled to kickstart 2021 with our acquisition of Indoor Garden & Lights, which boasts a solid industrial purchaser base and a gifted team of expand specialists,” claimed Darren Lampert, GrowGeneration’s CEO. “This deal expands our footprint in the Pacific Northwest and places us in shut proximity to Tacoma’s significant business operators. With the addition of Indoor Backyard garden & Lighting, we hope Washington’s thriving grownup-use current market to crank out yearly revenues of $10 million for GrowGen.”

Established in 1995, by Mike Long, Indoor Yard & Lights has operations in Tacoma and Mountlake Terrace. GrowGen plans to close its current Seattle storefront and consolidate it with Indoor Backyard garden & Lighting’s Mountlake Terrace area. GrowGeneration also ideas to function out of Indoor Backyard garden & Lighting’s 10,000-sq.-foot warehouse in Tacoma. As section of the offer, Extensive and his team of cultivation industry experts will sign up for GrowGeneration.

The Indoor Yard & Lights acquisition is the Company’s initial acquisition this calendar year, and follows still a further quarter of record earnings. Earlier this month, the Organization pre-announced fourth-quarter revenues of $61.5 million, bringing full-year 2020 earnings to $192 million, up 140% from 2019. Similar-retailer profits amplified 63% for full-year 2020, in contrast to the past yr. The Corporation also elevated its 2021 profits assistance to $335 million-$350 million, and elevated its 2021 altered EBITDA assistance to $38 million-$40 million. GrowGen options to have 55 backyard garden center places by the conclude of 2021.

For additional information about GrowGeneration, or to find its suppliers, remember to go to www.growgeneration.com.

About GrowGeneration Corp.:

GrowGen owns and operates specialty retail hydroponic and organic gardening shops. Now, GrowGen has 40 stores, which contains 5 places in Colorado, 13 destinations in California, 2 spots in Nevada, 1 place in Arizona, 2 destinations in Washington, 6 destinations in Michigan, 1 locale in Rhode Island, 4 locations in Oklahoma, 2 spots in Oregon, 3 locations in Maine and 1 place in Florida. GrowGen also operates an on line superstore for cultivators at growgeneration.com. GrowGen carries and sells 1000’s of items, together with natural vitamins and minerals and soils, advanced lighting technological know-how and state of the artwork hydroponic equipment to be utilised indoors and outside by commercial and household growers. Our mission is to have and operate GrowGeneration branded suppliers in all the major states in the US and Canada. Administration estimates that around 1,000 hydroponic suppliers are in procedure in the US. By 2025, the worldwide hydroponics process current market is approximated to access about $16 billion.

Forward Seeking Statements:

This press launch may involve predictions, estimates or other info that could be considered ahead-seeking in just the indicating of relevant securities regulations. When these forward-seeking statements symbolize our present-day judgments, they are matter to challenges and uncertainties that could induce actual effects to differ materially. You are cautioned not to place undue reliance on these forward-on the lookout statements, which replicate our viewpoints only as of the date of this release. You should hold in thoughts that we are not obligating ourselves to revise or publicly launch the success of any revision to these ahead-wanting statements in gentle of new data or long run activities. When made use of herein, phrases such as “look forward,” “believe,” “continue,” “building,” or variations of this kind of words and identical expressions are supposed to establish forward-seeking statements. Components that could bring about precise final results to differ materially from those contemplated in any ahead-seeking statements designed by us herein are frequently talked about in filings we make with the United States Securities and Trade Commission, offered at: www.sec.gov, and on our internet site, at: www.growgeneration.com.

Web-site: www.GrowGeneration.com
Instagram: growgen
Fb: GrowGenerationCorp
Twitter: @GrowGenCorp

Organization Inquiries: GrowGeneration Corp., 610-216-0057, michael@growgeneration.com

Investor Get in touch with: John Evans, GrowGeneration, john.evans@growgeneration.com, 415-309-0230

Press Get in touch with: Sara Geisner, Trailblaze, sara@trailblaze.co

Look at initial articles to obtain multimedia: http://www.prnewswire.com/news-releases/growgeneration-acquires-washington-dependent-indoor-backyard-and-lights-expands-footprint-in-pacific-northwest-301214999.html

Source GrowGeneration