Metrolina Greenhouses Enters Purchase Agreement To Buy The Assets Of Stacy’s Greenhouses
Metrolina Greenhouses, based in Huntersville, N.C., has entered into a purchase agreement to buy the assets of Stacy’s Greenhouses, Inc. pending U.S. bankruptcy court approval.
“As part of Metrolina’s continuing expansion, the proposed asset acquisition of Stacy’s will improve our business growth as we continue with our 2025 Vision plan,” says Abe VanWingerden, co-CEO of Metrolina Greenhouses. “Stacy’s perennial business is a natural addition to our current product lineup as we continue to provide new and innovative solutions and concepts for our retail partners.
“Additionally, by making this asset purchase, we will be able to honor and extend the business legacy of Mr. Stacy as he and my father, Tom VanWingerden, were both pioneers in this industry who worked together on many projects over the years as they both started in their businesses in the early 1970s. Combining the work of these two visionary leaders into one company makes logical sense.”
A statement from Metrolina reads: “Upon completion of the transaction, combining Stacy’s quality product and exceptional people with Metrolina’s expertise in logistics, marketing and automation will lead to sales growth for their retail partners as well as business growth for the combined entity.”
The asset purchase agreement was entered into on June 21, 2013, and is subject to approval of the U.S. Bankruptcy Court in South Carolina. Subject to the auction process and Court approval, the parties anticipate the transaction will close in approximately 60 days.
With fiscal year 2012 sales of $141 million, Metrolina Greenhouses, Inc. serves approximately 1,000 retail outlets annually with its live goods product mix. The company was founded in 1972 and is based in Huntersville, N.C. For more information, visit the Metrolina Greenhouses website.