Central Garden and Pet Co - CENT STOCK NEWS

Green Garden Products has announced it will be acquired by Central Garden & Pet (NASDAQ: CENT, CENTA) for $532 million. The transaction is expected to finalize in Q1 2021, pending regulatory approval. This acquisition reflects Green Garden's significant growth, positioning it as the largest seed and seed starting company in North America. Central aims to enhance its portfolio with Green Garden's reputable brands, expanding into the seed market and leveraging its digital capabilities to drive sales. The deal is facilitated by partnerships with Freeman Spogli & Co. and William Blair.

Central Garden & Pet (NASDAQ: CENT, CENTA) has agreed to acquire Green Garden Products for $532 million from Freeman Spogli & Co. Green Garden, located in Norton, Mass., is a leading supplier of seed packets and plant nutrients, with over 250 million packets shipped annually. The acquisition aims to expand Central's portfolio into an adjacent garden category and strengthen relationships with major retailers. The deal is expected to close in the second quarter of fiscal 2021, pending regulatory approval. Central reported 2020 net sales of $2.7 billion, emphasizing its commitment to growth in the pet and garden sectors.

Central Garden & Pet (NASDAQ: CENT, CENTA) has announced its acquisition of Hopewell Nursery, a prominent live goods grower in the Northeast. This strategic move aims to enhance Central's position in the live goods market, following its successful acquisition of Bell Nursery in 2018. Hopewell, established in 1988 and located in Bridgeton, NJ, manages over 1,800 acres and offers over 2,000 plant varieties. The deal is set to close on December 31, 2020. Financial terms remain undisclosed.

Central Garden & Pet (NASDAQ: CENT) has launched a new venture fund named Central Ventures, aimed at fostering innovation in the garden and pet industries. This initiative is part of the company's 'Central to Home' strategy, unveiled at its first Investor Day. The fund will invest in early-stage North American businesses focusing on Sustainability, Health & Wellness, and Digital Connectivity, with investments ranging from $250,000 to $2 million. The team will be led by Jon Balousek, the new President of Corporate Development, enhancing Central's existing portfolio of successful investments.

Central Garden & Pet Company (NASDAQ: CENT) reported record results for Q4 and FY 2020. Net sales rose 13.1% to $2.7 billion, driven by strong organic growth in both Pet and Garden segments. Pet segment sales increased by 12.8% to $1.56 billion, while Garden segment sales grew 13.5% to $1.13 billion. Operating income surged 30.2% to $198 million with a 7.3% operating margin. The net income was $120.7 million, up 30.1%, translating to diluted EPS of $2.20. For FY 2021, projected GAAP EPS is $1.90 or better, reflecting increased investments and potential headwinds.

Central Garden & Pet Company (NASDAQ: CENT) announced its 2020 Investor Day scheduled for December 3, 2020, at 1 p.m. EST. The event will feature presentations and a Q&A session with the senior leadership team, concluding by approximately 3:30 p.m. EST. Participants can join via the company’s website or by telephone, using conference ID# 13712432. Central Garden & Pet, based in Walnut Creek, California, is a significant player in branded and private label products for the lawn & garden and pet supplies sectors.

Central Garden & Pet Company (NASDAQ: CENT) will announce its fourth quarter and fiscal 2020 results after market close on November 23, 2020. The earnings release will be followed by a conference call at 4:30 PM ET to discuss financial outcomes and provide a business update. Investors can access the call via the company’s website or by phone at +1 (201) 689-8345. Central Garden & Pet is a key player in the lawn & garden and pet supplies sector, innovating and distributing a wide range of branded products.

Central Garden & Pet Company (NASDAQ: CENT) has increased its offering of 4.125% senior notes due 2030 to $500 million, up from the initially announced $400 million. The offering is expected to close on October 16, 2020. Proceeds will be used to redeem existing 6.125% senior notes due 2023 and cover related fees, with remaining funds allocated for general corporate purposes. BofA Securities, J.P. Morgan, and Truist are the joint book-running managers for this offering.

Central Garden & Pet Company (NASDAQ: CENT) announced a $400 million offering of senior notes due 2030. The offering aims to redeem existing 6.125% senior notes due 2023 and cover associated fees. The notes will be guaranteed by Central's domestic subsidiaries participating in its senior secured revolving credit facility. BofA Securities, J.P. Morgan, and Truist will manage the offering. This press release is not an offer to sell securities and provides a prospectus for more details.