MARYSVILLE, Ohio – The Scotts Miracle-Gro Company recently announced that it has sold its approximate 30 percent stake in TruGreen to the majority owner, in a transaction in which ScottsMiracle-Gro received approximately $234 million.
In 2016, the company contributed its wholly owned subsidiary, Scotts LawnService, into a joint venture with TruGreen, creating one of the largest lawn service companies in the U.S.
Seventy percent of the joint venture was owned by the private equity firm Clayton Dublier & Rice, its co-investors and TruGreen management, with the balance owned by ScottsMiracle-Gro. In addition to the sale, ScottsMiracle-Gro also received cash proceeds of another $18.4 million in connection with the assignment to a third party of debt of the joint venture. The combined proceeds, approximately $120 to 140 million on an after-tax basis, will immediately be applied to reduce the company’s indebtedness.
Latest from Lawn & Landscape
- Wind Point Partners acquires ExperiGreen Lawn Care
- Twin engine takeoff
- Winter's well underway
- Lawn and Landscape Marketing on a Budget
- Takeuchi-US hires Aarsvold as Southwest region product manager
- Owning the new role
- SiteRecon: 3X your estimating capacity without hiring
- SiteRecon: How to become a million dollar producer in 2025
