Expands Essential Products to the Vertical
Farming Industry
Denver, Colo., Jan. 4, 2022 /PRNewswire/ - GrowGeneration
Corp. (NASDAQ: GRWG) ("GrowGen" or the "Company"), the
nation's largest chain of specialty hydroponic and organic garden
centers, today announced it has acquired the assets of Mobile
Media, Inc and MMI Agriculture (MMI), an Ellenville, NY based mobile shelving
manufacturing and warehouse facility. Transaction terms were
$9.4 million in cash and stock,
inclusive of inventory, fixed assets, and goodwill. MMI
generated over $14.0 million in
revenue in 2021.
MMI has long been a trusted manufacturer of high-density mobile
shelving systems, commonly referred to as "benching," to a variety
of industries including agriculture, retail, commercial, and
government, offering a complete turnkey solution, specializing in
design, custom manufacturing, shelving systems, and installation
across the United States. High-density mobile systems have
become a vital part of agriculture grow facilities by increasing
overall canopy space both vertically and across the floor by
maintaining one moveable aisle in each grow system. MMI has gained
significant traction in the agriculture industry by innovating a
tiered decking system incorporated within the mobile system,
allowing growers to reach numerous vertical tiers while maintaining
total system functionality. MMI occupies two warehouses
totaling over 70,000 sq. ft. and will continue to produce
products in its manufacturing facility in NY.
Over the years, a growing awareness of the benefits of indoor
vertical gardening has allowed the vertical farming market to gain
significant momentum. Because vertical farming is not weather
dependent, it allows farmers to achieve a consistent annual crop
production, with improved yields using significantly less water and
a much smaller footprint, without having to worry about adverse
weather conditions, compared to outdoor conventional farming.
"Indoor vertical farming solutions has become a strategic
priority for GrowGen, and a key component of our long-term revenue
generation plan. Lighting and benching are the first two key
components of a grow facility. Combining the adoption of our
Ion LED light and cost savings achieved through indoor vertical
cultivation using MMI's vertical benching systems is an important
part of GrowGen's value proposition. Together, GrowGen
and MMI increase opportunities for growers by offering not just
GrowGen's robust selection of hydroponic solutions and products,
but also a mobile system to utilize these products," said
Michael Salaman, GrowGen's
President, and Co-Founder. "This key
strategic acquisition is especially important, as we
expand in newly legalizing East Coast states like New York, New
Jersey, Pennsylvania, and
the New England states Maine,
Massachusetts, Connecticut, and Vermont, where indoor vertical growing will be
the method of growing. MMI offers a great system and solution
that is accompanied by an industry best warranty. We are proud to
bring MMI and its team under our umbrella. Every bit of canopy
grow space is critical to any grow facility. Being able to design
and deliver a space saving mobile system, then execute the design
by adding in irrigation, drainage, air flow, lighting, and
automation solutions, gives us a stronger presence in today's
market. GrowGeneration is a true one-stop turnkey outfitting
solution for cultivators everywhere."
MMI's high-density mobile carriages help growers maximize yields
up to 200% more per harvest by having more available canopy
space. MMI's professional drafters are well-versed in
developing floor plans and customized drawings that maximize
capacity using the latest CAD software to create systems that meet
each client's specific needs and determine final capacity. In
addition, MMI's experienced nationwide installation crew to ensures
that every system is installed and running correctly.
"I started MMI, 35 years ago, with the goal of providing the
highest-quality vertical racking systems and I'm fortunate to find
a partner like GrowGen, one of the most trusted names in hydroponic
and organic gardening," said Lance
Pennington, founder of MMI. "GrowGen's leadership
position in selling products into the indoor vertical farming
industry combined with MMI's indoor vertical racking systems now
offers our customers a one stop solution for all their indoor
cultivation products makes this the perfect partnership."
About GrowGeneration Corp.:
GrowGeneration owns and operates specialty retail hydroponic and
organic gardening stores. Currently, GrowGeneration has 62 stores,
which include 23 locations in California, 8 locations in Colorado, 7 locations in Michigan, 5 locations in Maine, 5 locations in Oklahoma, 4 locations in Oregon, 3 locations in Washington, 2 locations in Nevada, 1 location in Arizona, 1 location in Rhode Island,1 location
in Florida, 1 location in
Massachusetts and 1 location in
New Mexico.
GrowGeneration also operates an online superstore for
cultivators at growgeneration.com and B2B e-commerce platform,
agron.io. GrowGeneration carries and sells thousands of products,
including organic nutrients and soils, advanced lighting technology
and state of the art hydroponic equipment to be used indoors and
outdoors by commercial and home growers.
For more information about GrowGeneration, or to locate its
stores, visit www.growgeneration.com.
About Mobile Media Inc. and MMI Agriculture:
MMI, founded in 1986, serves a variety of markets with a mobile
system custom manufactured for facilities and stockrooms of any
size. Each client receives a design that achieves maximum
storage capacity, saved space, and compliance with all egress,
seismic, and building codes being met. MMI manufactures and
warehouses in Ellenville, NY
striving to provide all clients efficient mobile shelving systems
with exceptional customer service and support MMI Agriculture is an
industry-leading provider of vertical farming and space
optimization solutions. We work with commercial agriculture
professionals to design, install, and optimize operational spaces
throughout cultivation, post-harvest, manufacturing, and
distribution facilities through the implementation of the vertical
and mobile rack, cart, and ventilation systems. The MMI team has
over 35 years of commercial mobile storage experience operational
experience.
Forward Looking Statements:
This press release may include predictions, estimates or other
information that might be considered forward-looking within
the meaning of applicable securities laws. While these
forward-looking statements represent our current judgments,
they are subject to risks and uncertainties that could cause
actual results to differ materially. You are cautioned not to place
undue reliance on these forward-looking statements, which
reflect our opinions only as of the date of this release. Please
keep in mind that we are not obligating ourselves to revise
or publicly release the results of any revision to these
forward-looking statements in light of new information or future
events. When used herein, words such as "look forward,"
"believe," "continue," "building," or variations of such
words and similar expressions are intended to identify
forward-looking statements. Factors that could cause actual
results to differ materially from those contemplated in any
forward-looking statements made by us herein are often
discussed in filings we make with the
United States
Securities and Exchange Commission, available at: www.sec.gov,
and on our website, at: www.growgeneration.com.
Connect:
- Website: www.GrowGeneration.com
- Instagram: growgen
- Facebook: GrowGenerationCorp
- Twitter: @GrowGenCorp
Company Inquiries:
GrowGeneration Corp.
610-216-0057
michael@growgeneration.com
Investor Contact:
John
Evans
GrowGeneration
john.evans@growgeneration.com
415-309-0230
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SOURCE GrowGeneration