H.I.G. Capital Acquires Easy Gardener Products
MIAMI – July 11, 2006 – H.I.G. Capital, a leading Miami-based private equity firm, announced today that it has acquired Easy Gardener Products, Inc. Headquartered in Waco, Texas, Easy Gardener is a leading manufacturer and marketer of branded landscape, lawn and garden products. H.I.G. acquired substantially all of Easy Gardener’s assets from its former parent company, which had recently filed for Chapter 11 protection under the U.S. bankruptcy code. H.I.G. served as a stalking horse bidder during the Company’s 363-sale process. With this transaction, the new Company is well-positioned as a strong platform with leading market positions, an outstanding customer base and a clean balance sheet. Daily operations and communications with customers and suppliers were not affected by the transaction.
“Easy Gardener Products is a great addition to our portfolio,” observed John Bolduc, Managing Director of H.I.G. Capital. “Together with the Company’s management team, we will foster growth through new product development and brand extensions and by investigating strategic acquisitions of other suppliers of high-quality garden care products.”
“The financial and operational outlook for our business has never been better,” stated Dick Grandy, Easy Gardener Products Chief Executive Officer. “With H.I.G. Capital’s support, we look forward to building upon our established position within the industry by continuing to provide our customers with top quality products and unparalleled customer service.”
Easy Gardener Products is a category innovator with a strong portfolio of leading brands available throughout the country including Jobe’s®, WeedBlock®, Emerald Edge® and Easy Gardener®. With over 450 SKUs of consumer and professional-grade garden care products, the Company’s solid foundation provides a platform for further growth within its core markets and the broader home and garden industry.
About H.I.G. Capital, L.L.C.
H.I.G. Capital, L.L.C. is a leading private equity and venture capital investment firm with more than $3.0 billion of equity capital under management. Headquartered in Miami with offices in Atlanta, Boston, and San Francisco, H.I.G. is one of the most active investment firms in the lower middle market, with a specialty in providing capital to small- and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well-managed manufacturing or service businesses and in promising early-stage technology companies. The firm also invests in financially distressed and operationally troubled businesses. H.I.G. currently has a controlling interest in more than 40 companies with combined revenues in excess of $5 billion. For more information, please refer to the H.I.G. website at http://www.hig.com.
About Easy Gardener Products, Inc.
Easy Gardener Products, Inc. is a leading marketer and producer of branded gardening products with a #1 or #2 market position in several garden care categories. The Company holds dominant market share in the weed preventive landscape fabric and garden edging niches. Today, Easy Gardener sells to the top 100 lawn & garden retailers in North America with an offering of over 450 SKUs of high quality garden care products. Easy Gardener employs over 160 people and has plans for further expansion. For more information, please refer to the Easy Gardener website at http://www.easygardener.com.