ScottsMiracle-Gro Acquires Fafard Growing Media Business In Canada
ScottsMiracle-Gro announced last week that the company’s indirect subsidiary, Scotts Canada Ltd., has acquired Fafard and Brothers Ltd.
Fafard produces high-quality peat moss and high-performance growing media products, including peat-based and bark-based mixes, composts and premium soils. It is based in Saint-Bonaventure, Quebec, Canada and serves customers primarily across Ontario, Quebec and New-Brunswick.
“Acquiring Fafard will allow us to further strengthen our North America competitiveness,” says Jim Hagedorn, chairman and chief executive officer of ScottsMiracle-Gro. “Leveraging the expertise Fafard has developed over the years, as well as its significant capacity for peat, will enable the continued growth of our Canadian business, while providing a valuable input in our growing media global supply chain.”
Fafard serves both the retail and professional grower markets, and distributes a full range of related products for the gardening industry including fertilizers, mulch and grass seed.
“The Fafard family is pleased with the announcement and believes this transaction provides the best opportunity to drive long-term growth,” says Martin Fafard, president of Fafard. “Both of our companies have the same relentless commitment to providing the best service to our customers. This deal will allow Fafard to further develop its leadership across distribution channels, as well as leverage Scotts’ world-class supply chain, research and development and marketing capabilities.”
ScottsMiracle-Gro expects the Fafard business to add annual sales of approximately $40 million and for the transaction to be earnings accretive in fiscal 2015.