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GrowGeneration Corp . (NASDAQ: GRWG) is shopping for San Diego Hydroponics & Organics, a four-store chain of natural, hydroponic and aquaponics backyard facilities in San Diego, California. The corporate mentioned that San Diego Hydroponics & Organics is San Diego County’s premier hydroponic tools provider, with annual revenues approaching $10 million. GrowGen didn’t say what it paid for the corporate.
This newest acquisition brings the whole variety of GrowGen hydroponic backyard facilities to 50 shops. In California, the nation’s largest authorized cannabis market, GrowGen now has 17 shops, with eight of these shops positioned in Southern California.
“Southern California is a precedence marketplace for GrowGeneration, and we’re excited so as to add San Diego Hydroponics & Organics to our ever-expanding footprint there,” mentioned Darren Lampert, GrowGen’s CEO. “Because the main hydroponics provider, San Diego Hydroponics & Organics strategically positions GrowGen to conveniently present our companies to business growers within the Southern California market.”
San Diego Hydroponics & Organics was based in 2001 by Todd Kent. The corporate first opened its doorways with an 800-square-foot retailer in Pacific Seaside, California, and has since expanded to 4 places with greater than 20,000-square-feet of retail area and 20 workers, who will be part of GrowGeneration’s group of over 500 develop professionals as a part of the transaction.
“Since 2001, we’ve remained dedicated to our objective of supplying Southern California with top-quality merchandise, cutting-edge horticultural know-how, and unbeatable customer support. Our partnership with GrowGen, the nation’s clear chief in hydroponics, permits us to marry many years of mixed cultivation experience and information to raised serve the Southern California market,” mentioned San Diego Hydroponics & Organics’ founder Todd Kent .
The San Diego Hydroponics & Organics acquisition is GrowGen’s fourth this yr and follows yet one more quarter of file earnings. In January, GrowGen pre-announced fourth-quarter revenues of $61.5 million, bringing full-year 2020 income to $192 million, up 140% from 2019. Similar-store gross sales elevated 63% for full-year 2020, in comparison with the earlier yr. The Firm additionally raised its 2021 income steerage to $335 million – $350 million and raised its 2021 adjusted EBITDA steerage to $38 million – $40 million. GrowGen plans to have 55 backyard middle places by the tip of 2021.
The 4 analysts masking GrowGen have a mean value goal of $56.43 based on Yahoo Finance. The inventory was currently buying and selling at $49.50, down from its 52-week excessive of $67.
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