Hydrofarm Completes Acquisition of Innovative Growers Equipment, Inc.

Rhea-AI Summary

Hydrofarm Holdings Group has successfully completed its acquisition of Innovative Growers Equipment, enhancing its portfolio in controlled environment agriculture. This acquisition includes IGE's horticulture benches, racking, and LED lighting systems, complementing Hydrofarm's product offerings. The move follows Hydrofarm's recent purchase of Greenstar Plant Products, indicating a strategic push to expand market share and product capabilities. With over 40 years of experience, Hydrofarm aims to empower growers with innovative solutions.

Positive

• Acquisition of Innovative Growers Equipment expands product lineup.
• Enhances market presence in controlled environment agriculture.
• Continues strategic growth with recent acquisitions.

Negative

• None.

FAIRLESS HILLS, Pa., Nov. 01, 2021 (GLOBE NEWSWIRE) -- Hydrofarm Holdings Group, Inc. (“Hydrofarm” or the “Company”) (Nasdaq: HYFM), a leading distributor and manufacturer of hydroponics equipment and supplies for controlled environment agriculture (“CEA”), today announced that it has completed its previously announced acquisition of Innovative Growers Equipment, Inc. (“IGE”), an Illinois-based manufacturer of horticulture benches, racking and LED lighting systems. The addition of the IGE commercial equipment product range complements Hydrofarm’s existing lineup of high performance, proprietary branded products. The announcement follows the Company’s recent acquisition of Canada’s Greenstar Plant Products, Inc.

About Hydrofarm Holdings Group, Inc.
Hydrofarm is a leading distributor and manufacturer of controlled environment agriculture equipment and supplies, including high-intensity grow lights, climate control solutions, and growing media, as well as a broad portfolio of innovative and proprietary branded products. For more than 40 years, Hydrofarm has helped growers in the U.S. and Canadian markets make growing easier and more productive.  The Company’s mission is to empower growers, farmers and cultivators with products that enable greater quality, efficiency, consistency and speed in their grow projects. For additional information, please visit: www.hydrofarm.com

Investor Relations:
ICR
Fitzhugh Taylor
ir@hydrofarm.com 

Media Contacts:
Hydrofarm
Lisa Gallagher
513-505-2334
lgallagher@hydrofarm.com 

FAQ

What is the purpose of Hydrofarm's acquisition of Innovative Growers Equipment?

The acquisition aims to expand Hydrofarm's product offerings in controlled environment agriculture, particularly in horticulture benches, racking, and LED lighting.

What products does Innovative Growers Equipment manufacture?

Innovative Growers Equipment specializes in manufacturing horticulture benches, racking, and LED lighting systems.

What impact will the acquisition have on Hydrofarm's operations?

The acquisition is expected to enhance Hydrofarm's market presence and product capabilities, potentially leading to increased sales.

When was Hydrofarm's acquisition of Innovative Growers Equipment completed?

The acquisition was completed on November 1, 2021.

How does the acquisition support Hydrofarm's mission?

The acquisition supports Hydrofarm's mission by providing innovative products that empower growers to achieve greater efficiency and productivity.