GrowGeneration purchases gardening store in Washington state
GrowGeneration announced the acquisition of Hoagtech Hydroponics. This acquisition brings the total number of GrowGen hydroponic garden centers nationwide to 59 stores.
“We are excited to have acquired Hoagtech Hydroponics, which has a strong commercial customer base and a talented team of grow professionals,” said Darren Lampert, CEO of GrowGeneration. “This transaction expands our footprint in the Pacific Northwest and brings us close to some of the state’s largest commercial operators. Bellingham is also close to two major cities in the Pacific Northwest, Vancouver, British Columbia and Seattle, Washington from Hoagtech Hydroponics let’s assume the Washington market will generate approximately $ 15 million in annual sales. “
GrowGeneration was founded in 2010 by Dan Hoag and plans to operate out of Hoagtech’s 25,000 square meter warehouse in Bellingham. As part of the deal, Hoag and his team of eight growers will join GrowGeneration.
The acquisition of Hoagtech Hydroponics marks the company’s 13th acquisition this year and follows another quarter of record profits. Earlier this month, the company raised its full-year 2021 revenue forecast to between $ 455 million and $ 475 million. GrowGen plans to have over 70 garden center locations by the end of 2021.