Central Garden and Pet [NASDAQ: CENT] reported that the company has signed a contract to purchase Hopewell Nursery. This transaction will strengthen Central’s position as a leading provider in the garden Industry. Hopewell currently has over 500 employees. Moreover, It owns 1800 acres of land in New Jersey and Maryland. It offers 2000 varieties of plants and produces 9.5M sqft of polyhouse and 100 acres of pot in pot.
“We are excited to welcome Hopewell in the Central family and further extending the business in the garden industry. Central’s new strategy focuses on acquisitions. Furthermore, we believe this transaction will aid the company’s portfolio in building scale, serve better consumer, and delivering high-quality offerings “ stated Tim Cofer CEO of Central
After the acquisition, Hopewell will become a part of the company’s garden segment which J.D walker controls but the Hopewell operations will be carried out by its current employees.