New York-based Sentinel Capital Partners has announced the sale of Floral Plant Growers to Blue Point Capital.
Terms of the deal were not disclosed, according to a statement.
Floral Plant Grower, based in Denmark, Washington, is a major supplier of bedding plants to garden and lawn center of retailers. Sentinel originally purchased Floral back in 1996, and added on Greiling Farms in a relatively large industry consolidation in 1998. The company currently manages more than 70 acres in five highly automated greenhouses in Maryland, Delaware, Wisconsin, Iowa and Indiana.
“The (gardening industry) has been growing nicely as we’ve seen the aging of the baby boomer population,” said Sentinel partner Eric Bommer. “The gardening segment has been growing at high-single- to low-double-digit rates for the past 10 years.”
Bommer said the sale to Blue Point represents the accomplishment of the firm’s investment objectives with Floral.
Sentinel was advised by Houlihan Lokey Howard & Zukin.
Sentinel specialized in buying and building smaller middle-market companies in the US and Canada, in the service businesses, consumer products, food and restaurants, franchising, and niche/light manufacturing industries. In April, the firm announced the sale of Cottman Transmission Holdings to publicly traded private equity firm American Capital Strategies for $77.3 million (€65 million).