Garden Centre Group to be sold to Terra Firma
Garden Centre Group, the UKs largest garden centre operator, is to be sold to private equity company Terra Firma in a deal which values the business at £276 million.
Terra Firma said the acquisition will be financed through a mixture of debt and equity and confirmed that it has funds available for further investment in the business.
The private equity firm declined to say how much it had paid for the retailer or give details of its level of debt.
Commenting on the announcement, Guy Hands, chairman and chief investment officer of Terra Firma, said: "The Garden Centre has enormous potential and we see considerable opportunity to help it grow through focused, strategic investment.
"The Garden Centre is an attractive business for Terra Firma. It already has a leading position in a fragmented market with long-term growth prospects. The Garden Centre’s portfolio of garden centres is difficult to replicate given planning restrictions and it has a strong and growing Gardening Club."
The Garden Centre Group operates 129 centres across England and Wales under the names Wyevale, Blooms, Bridgmere and Country Homes and Gardens.
Nicholas Marshall, The Garden Centre Group chief executive, added: "I am delighted that the uncertainty over the group’s ownership is now resolved. The group now has solid foundations in place from which to grow."
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