GrowGeneration Corp. (NASDAQ:GRWG), the largest hydroponic and organic garden center chain in the US, has acquired Southside Garden Supply, a well-reputed company in Alaska with two locations at 2809 Artic Boulevard, Anchorage, Alaska, and 449 West Parks Highway, Wasilla, Alaska. This new acquisition marks the company’s expansion into its 18th state and the second for the year.
The CEO of GrowGen, Darren Lampert, said that this transaction is part of their initiative to continue making whitespace acquisitions and investing capital strategically to ensure future growth. The new acquisition reinforces GrowGen’s retail footprint and bolsters its mission of providing high-quality products and excellent service to its customers.
Southside Garden Supply has a reputation for quality offerings and exceptional customer service, making it an excellent match for GrowGen’s strategy. Lampert added that GrowGen remains committed to providing high-quality products and having the most extensive product selection, best service, and most knowledgeable grow experts in the industry.
With 63 stores nationwide, GrowGen is solidifying its position as a leader in the hydroponics industry. The recent financial report for the first quarter ended March 31 posted revenue of $56.8 million.
Price Action: On Tuesday afternoon, GRWG shares traded at 2.61% higher at $3.93 per share.
Image by Alexis Mette on Unsplash
