GrowGeneration Acquires Washington-Based Hoagtech Hydroponics, Expands Footprint in Pacific Northwest
Acquisition brings the total number of GrowGen slots to 59
DENVER, 23 Aug 2021 / PRNewswire / – GrowGeneration Corp. (NASDAQ: GRWG), (“GrowGen” or the “Company”), the nation’s largest chain of specialty hydroponic and organic garden centers, today announced the acquisition of Hoagtech Hydroponics, a leading hydroponics and gardening equipment store in ‘interior, serving the Bellingham, Washington Region. This acquisition brings the total number of GrowGen hydroponic garden centers nationwide to 59 stores.
“We are delighted with our acquisition of Hoagtech Hydroponics, which has a strong commercial customer base and a talented team of growth professionals,” said Darren lampert, CEO of GrowGeneration. “This transaction expands our presence in the Pacific Northwest and puts us in close proximity to some of the state’s largest commercial operators. Bellingham is located near two major cities in the Pacific Northwest, Vancouver, British Columbia and Seattle, WA. With the addition of Hoagtech Hydroponics, we expect the Washington market to generate annual revenues approaching $ 15 million annually.”
Founded in 2010, by Dan Hoag, GrowGeneration plans to operate from Hoagtech’s 25,000 square foot warehouse in Bellingham. As part of the transaction, Hoag and his team of eight cultivation experts will join GrowGeneration.
The acquisition of Hoagtech Hydroponics is the company’s 13th acquisition this year and follows another quarter of record profits. Earlier this month, the company raised its revenue guidance for fiscal 2021 to $ 455 million – $ 475 million. GrowGen plans to have over 70 garden centers by the end of 2021.
For more information on GrowGeneration, or to locate its stores, please visit www.growgeneration.com.
About GrowGeneration Corp. :
GrowGen owns and operates specialized retail hydroponic and organic garden centers. Currently, GrowGen has 59 stores, including 21 locations in California, 8 locations in Colorado, 7 locations 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, and 1 location in Massachusetts.
GrowGen also operates an online hypermarket for growers in growgeneration.com and B2B ERP platform, agron.io. GrowGen 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.
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 the United States Securities and Exchange Commission, available at : www.sec.gov, and on our website at: www.growgeneration.com.
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