Myers Industries has entered into an agreement to sell its Lawn & Garden (L&G) business for $115 million to Wingate Partners. Myers began marketing its L&G business in June 2014. The transaction with Wingate is expected to close in the first quarter of 2015.
The L&G business provides plastic flowerpots, nursery containers, decorative resin planters, seedling trays and other related products to professional greenhouse, nursery and retail garden centers. Brand names include Dillen, ITML, Pro Cal, Listo, Akro-Mils Lawn & Garden, Planters’ Pride, and Fiber Grow. The L&G business is based in Middlefield, OH (www.myerslawnandgarden.com).
Wingate Partners, based in Dallas, makes control equity investments in manufacturing, distribution and service businesses, typically with revenues between $50 million and $250 million. Since founding in 1987, Wingate has managed five funds with total capital of approximately $755 million. The firm is making the investment in L&G through Wingate Partners V, LP (www.wingatepartners.com).
Myers Industries (NYSE:MYE) is a manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. The company is also the largest wholesale distributor of tools, equipment and supplies for the tire, wheel and under vehicle service industry in the US. The company is based in Akron (www.myersindustries.com).
William Blair & Company was the exclusive financial adviser to Myers Industries.
© 2015 PEPD • Private Equity’s Leading News Magazine • 1-8-15