GrowGeneration Corp (NASDAQ: GRWG) has announced its acquisition of Commercial Grow Supply which is a hydroponic superstore in Santa Clara, California. Founded by Sevan Derohanian in 2011, it is one of the largest hydroponic supply stores in Los Angeles. Commercial Grow Supply has an annual revenue of about $10 million.
Commercial Grow Supply is the company’s latest acquisition in 2021
GrowGeneration is the U.S’s leading chain of speciality hydroponic and organic centres. This acquisition brings the number of GrowGen’s locations in the country to 22, with 10 of them in Southern California. It plans to have about 70 garden centre locations by the time the year ends. GrowGen recently increased its revenue guidance for 2021 to $455-$475 million.
This acquisition is GrowGen’s is its 14th this year. It follows another quarter with record earnings
According to Darren Lampert, the CEO of GrowGen, Southern California, is an essential market for the company. Commercial Grow Supply has high cultivation expertise and devoted customers to help GrowGen better serve its customer base.
Dorehanian adds that Commercial Grow Supply has worked hard over the years to supply its customers with the best-of-breed hydroponic growing supplies and cultivation expertise. The partnership with GrowGen will provide them with the resources to cater to the growing number of growers in Southern California.
Other GrowGen acquisitions
GrowGen also purchased Hoagtech hydroponics, a hydroponic equipment and indoor gardening store in Bellingham, Washington. The company has kept operations at Hoagtech’s 25,000 square foot warehouse in Bellingham. With the addition of the store, GrowGen is expected to make a revenue of $15 million annually.
On July 22, the company also announced the acquisition of Mendocino Greenhouse and Garden Supply, a hydroponic garden centre in Mendocino, California. The garden centre provides services to growers in the Emerald Triangle in Northern California.
In a similar move, the company announced its acquisition of Aqua Serene, a hydroponic garden centre in Southern Oregon. Aqua Serene has stores in Ashland and Eugene in Oregon. It is a leading indoor/outdoor garden centre in Oregon with an annual revenue of about $14 million.
GrowGeneration expects to make more purchases before the end of 2021.
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