Color Spot Nurseries Emerges From Bankruptcy With New Corporate Structure
A July 25 statement from Wells Fargo stated that Color Spot will continue to operate the remaining nurseries to deliver crop commitments to customers, following the transfer of ownership to its lender, Wells Fargo. That sale became official on August 17, 2018, resulting in Color Spot Nurseries emerging from Chapter 11 bankruptcy with a successful corporate restructuring.
The restructuring included the sale of Color Spot’s Hines division to TreeTown USA, enabling Color Spot to focus on its core businesses of bedding plants, perennials, and high-value patio planters and hanging baskets. Color Spot is emerging from Chapter 11 appropriately capitalized and with sufficient liquidity to meet customer needs, the company said in a corporate news release.
Color Spot Nurseries has named Scott Zoch as its Chief Executive Officer, also effective August 17, 2018. Zoch joined Color Spot in 2001 and has held positions at the company in sales, marketing, account management, purchasing, and logistics. He most recently served as its Vice President of Sales and Marketing.
“I am pleased to lead our hard-working and talented team,” Zoch stated in the release. “Color Spot is comprised of people with deep roots in all parts of our business and with our customers. It is an honor to work with them as we move forward with a fresh capital structure. We are committed to refocusing our resources to cement our position as an industry-leading provider of high-quality landscape crops, holiday crops, and retail service programs.”
Long-time CFO Rodney Omps and Vice President of Operations Edward Jasso round out Color Spot’s senior management team. Omps has served as CFO for 13 years while Jasso has been instrumental in the company’s successful operations across a variety of critical positions over the past 20 years.
Production Size and Spectrum of Service Changes With Restructuring
Color Spot Nurseries remains one of the largest growers and distributors of live plants in the country, delivering high-quality bedding plants, perennials, annuals, flowering tropicals, ornamental shrubs, poinsettias, and other holiday plants to large and small retailers and wholesalers in the Western, Southwestern, and Gulf regions of the U.S. Founded in 1983, Color Spot’s 1,400 employees fulfill the needs of hundreds of retail and commercial customers in 26 states. The company now operates six production facilities in California and Texas, comprising 11 million square feet of environmentally controlled space and 1,500 acres of outdoor space.
Before Color Spot filed Chapter 11 bankruptcy and restructured, the company was listed with 21 million square feet of environmentally controlled space, 2,603 acres of outdoor space, and 206 acres of shade houses, and was the largest grower in the country, according to Greenhouse Grower‘s 2018 Top 100 Growers Survey.
Check GreenhouseGrower.com for continued updates on Color Spot Nurseries and its recent restructuring.