Miracle-Gro spends $136M on Dutch hydroponics business

Written by Tom Knox for Columbus Business First.
Miracle-Gro

Scotts Miracle-Gro Co. spent $136 million to buy a Dutch maker of hydroponics gardening lights.

It’s another big purchase in the industry with close ties to marijuana. Hydroponics, or growing without soil, also is a method to grow plants and vegetables.

The Marysville-based lawn and garden company has targeted pot and grow-your-own plants and vegetables as a major growth opportunity.

“Since we’re an outsider I know a lot of people will be watching to see how we behave,” he told analysts Wednesday. “This is a core business for us.”

Scotts subsidiary Hawthorne Gardening Co. spent the money to acquire a 75 percent stake in Gavita, which has $100 million in annual sales. Gavita announced the deal in June but Scotts disclosed the purchase price Wednesday.

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About Brent

Hello, My name is Brent and I am a MMPR patient. I write articles for Dankr.ca and help build connections with the Toronto cannabis community. I am also the Content Manager, so message me if you would like to work with Dankr.ca.

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