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We Called It…Scotts Miracle Grow to purchase 80% of AeroGrow

Stocks Nov 30, 2016 • 2:05 PM EST

1 MIN READ • By Michael Berger

Today, the Scotts Miracle-Gro Company (SMG) announced that SMG Growing Media, an indirect wholly-owned subsidiary, has exercised its current outstanding warrants to establish an 80% ownership stake in AeroGrow International, Inc. (AERO). Under terms of the transaction, approximately 21.6 million shares of AERO were issued to SMG for $47.8 million.

Today, AeroGrow separately announced that its Board of Directors has declared a $41 million distribution, equivalent to $1.21 per share, payable Jan. 3, 2017. AeroGrow is expected to repay Scotts Miracle-Grow a roughly $5.25 million loan used for working capital purposes.

In 2013, Scotts’ subsidiary established an approximately 31% stake in AeroGrow. Since that time, the business has demonstrated strong and consistent growth with a leading line of consumer indoor gardening systems. Its subsidiary’s involvement in AeroGrow is managed within its wholly-owned subsidiary, The Hawthorne Gardening Company.

A Portfolio of Acquisitions

Scotts Miracle-Gro has continued to add to its portfolio of hydroponic businesses. In June 2015, Scotts’ subsidiary Hawthorne Gardening Co. purchased 75% of Gavita Holland BV for $136 million.

Also in 2015, the company announced a deal to acquire Santa Rosa-based General Hydroponics. Scotts’ subsidiary also acquired its sister business Bio-Organic Options, which sells organic soils and other gardening supplies under the Vermicrop brand.

Scotts Miracle-Gro has been quietly making moves to enter the cannabis industry. The company is focused on acquiring ancillary products that are levered to the growth of the industry which we believe is the right approach.

We called this as a possibility for the company less than a month ago…

Tags

AERO cannabis stocks NASDAQ SMG

Authored By

Michael Berger

Michael Berger is Managing Partner of StoneBridge Partners, LLC and Founder of Technical420.com. Prior to entering the cannabis industry, Michael was an Equity Research Analyst at Raymond James Financial covering the Energy Sector. Michael has been featured in publications such as The Street, Bloomberg, US Money News, and hosts various cannabis events across North America.

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