Summit Park has acquired Fast Growing Trees, a direct-to-consumer e-commerce retailer of trees and shrubs.
Fast Growing Trees (FGT) sells more than 900 varieties of trees and shrubs through its two websites www.fast-growing-trees.com and www.brighterblooms.com. The company provides on-demand delivery and customers typically receive their order within two days. FGT is headquartered and has a 42-acre nursery south of Charlotte in Fort Mill, SC, with 10 additional shipping and growing locations throughout the US.
The buy of FGT is Summit Park’s sixth platform investment in its second fund, Summit Park II LP, which closed in May 2015 with $118 million of capital commitments.
“We are excited to partner with the founders and the rest of the FGT management team to build upon the tremendous historical success of the company,” said Jim Johnson, co-Founding Partner of Summit Park. “We believe FGT is poised to capitalize on its leading position within an attractive and growing segment of the e-commerce market. Further, we believe we can provide additional resources that will allow the company to grow its supplier base, optimize its digital marketing capabilities, and accelerate growth.”
“With the significant growth opportunity ahead of the company, now was the optimal time to bring on a partner,” said Evan Felker, a Director at FGT. “As a local firm with an outstanding track record and a collaborative, high-touch approach, we can think of no better partner than Summit Park.”
Summit Park makes investments in lower middle market companies in a range of industries that have revenues between $20 million and $100 million or EBITDAs between $4 million and $12 million. Sectors of interest include business and consumer services, light manufacturing and value-added distribution. Summit Park is headquartered in Charlotte, NC (www.summitparkllc.com).
© 2018 Private Equity Professional | February 9, 2018