GrowGeneration acquires Mobile – GuruFocus.com
Denver, Colorado, January 4, 2022
Develops products essential to the vertical agriculture industry
Denver, Colorado., January 4, 2022 / PRNewswire / – GrowGeneration Corp. (NASDAQ: GRWG) (“GrowGen” or the “Company”), the nation’s largest chain of specialty hydroponic and organic garden centers, today announced that it has acquired the assets of Mobile Media, Inc and MMI Agriculture (MMI ), a Ellenville, New York mobile shelving based manufacturing and warehouse facility. The terms of the transaction were $ 9.4 million in cash and in inventory, including inventory, fixed assets and goodwill. MMI generated on $ 14.0 million of turnover in 2021.
MMI has long been a trusted manufacturer of high density mobile shelving systems, commonly referred to as “benches” for a variety of industries including agriculture, retail, commerce and government, providing a solution Complete turnkey, specializing in the design, custom fabrication, shelving systems and installation throughout the United States. High density mobile systems have become an essential part of crop growing facilities by increasing the overall canopy space both vertically and on the ground by maintaining a moving aisle in each growing system. MMI has gained traction in the agricultural industry by innovating a multi-level decking system incorporated into the mobile system, allowing growers to achieve many vertical levels while maintaining full system functionality. MMI occupies two warehouses totaling over 70,000 square feet and will continue to manufacture products at its manufacturing facility in New York.
Over the years, a growing awareness of the benefits of indoor vertical gardening has allowed the vertical farming market to gain significant momentum. Because vertical farming is not weather dependent, it allows farmers to achieve consistent annual crop production, with improved yields using much less water and a much smaller footprint, without having to worry about adverse weather conditions, compared to conventional outdoor agriculture.
âIndoor vertical farming solutions have become a strategic priority for GrowGen and a key part of our long-term income generation plan. Lighting and benches are the first two key elements of a grow installation. Combining Adoption of Our LED Ionic Light with Cost Savings from growing vertically indoors using MMI’s vertical bench systems is an important part of GrowGen’s value proposition Together, GrowGen and MMI increase opportunities for growers by offering not only GrowGen’s robust selection of hydroponic solutions and products, but also a mobile system for using them products, âsaid Michel salaman, president and co-founder of GrowGen. âThis key strategic acquisition is particularly important, as we expand into the newly legalized east coast states as New York, New Jersey, Pennsylvania, and the New England states Maine, Massachusetts, Connecticut, and Vermont, where vertical indoor cultivation will be the cultivation method. MMI offers a great system and a solution that comes with the best warranty in the industry. We are proud to bring MMI and its team together under our umbrella. Every canopy growth space is essential to any grow facility. Being able to design and deliver a space-saving mobile system, then execute the design by adding irrigation, drainage, airflow, lighting and automation solutions, gives us a stronger presence. in today’s market. GrowGeneration is a true turnkey equipment solution for growers around the world. ”
MMI’s high density mobile carts help growers maximize yields up to 200% more per crop by having more space available in the canopy. MMI’s professional designers are well versed in crafting custom floor plans and drawings that maximize capacity by using the latest CAD software to create systems that meet each client’s specific needs and determine final capacity. In addition, MMI’s nationwide experienced installation team ensures that every system is installed and working properly.
âI created MMI 35 years ago with the goal of providing the highest quality vertical racking systems and am fortunate to find a partner like GrowGen, one of the most trusted names in hydroponics gardening. and organic, âsaid Lance Pennington, founder of MMI. âGrowGen’s leadership position in product sales in the indoor vertical farming industry, combined with MMI’s indoor vertical racking systems, now provides our customers with a one-stop solution for all of their indoor growing products. , which makes it the perfect partnership. “
About GrowGeneration Corp. :
GrowGeneration owns and operates specialty hydroponic and organic gardening retail stores. Currently, GrowGeneration has 62 stores, including 23 locations in California, 8 locations in Colorado, 7 branches in Michigan, 5 locations in Maine, 5 locations in Oklahoma, 4 locations in Oregon, 3 locations in Washington, 2 locations in Nevada, 1 branch in Arizona, 1 branch in Rhode Island, 1 branch in Florida, 1 branch in Massachusetts and 1 location in New Mexico.
GrowGeneration also operates an online hypermarket for growers at growgeneration.com and B2B e-commerce platform, agron.io. GrowGeneration transports and sells thousands of products, including organic and soil nutrients, cutting-edge lighting technology, and cutting-edge hydroponics equipment for use indoors and outdoors by commercial and home growers.
For more information on GrowGeneration, or to locate its stores, visit www.growgeneration.com.
About Mobile Media Inc. and MMI Agriculture:
MMI, founded in 1986, serves a variety of markets with a custom-built mobile system for facilities and warehouses of any size. Each customer receives a design that achieves maximum storage capacity, space saving, and compliance with all applicable exit, seismic, and building codes. MMI manufactures and stores at Ellenville, New York Striving to provide all of its customers with efficient mobile shelving systems with exceptional customer service and support, MMI Agriculture is an industry leading provider of vertical farming and space optimization solutions. We work with commercial agriculture professionals to design, install and optimize operational spaces in cultivation, post-harvest, manufacturing and distribution facilities through the implementation of vertical and mobile rack systems, trolleys and ventilation systems. The MMI team has over 35 years of operational experience in commercial mobile storage.
This press release may include predictions, estimates or other information that could be considered forward-looking within the meaning of applicable securities laws. Although these forward-looking statements represent our current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this press release. Please keep in mind that we do not undertake to revise or publish the results of any revision of these forward-looking statements in the light of new information or future events. When used herein, words such as “look to the future”, “believe”, “continue”, “build” or variations of these words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements we make here are often discussed in the documents we file with us. United States
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