Halifax-Clarke Inc. announced earlier in April that its Sure-Gro Holdings Inc. subsidiary had reached a definitive agreement to sell its operating subsidiary, Sure-Gro Inc., to Premier Tech, a diversified company headquartered in Rivière-du-Loup, Quebec. Sure-Gro, headquartered in Brantford, Ont., is a leading supplier of fertilizer, grass seed, controls, horticulture, and ice melt in the Canadian home and garden industry. The company has some 225 employees, and its brand names include CIL, Golfgreen, Nature Mix, Green Earth, Wilson, and Alaskan Ice Melter. The transaction closed on April 9. Total proceeds to Clarke are expected to consist of roughly C$10.4 million in cash and $3.1 million in 8 percent notes maturing in October 2012. Clarke will also retain ownership of certain assets, including real estate, with an estimated market value to Clarke of approximately C$0.8 million. Clarke has a total investment in Sure Gro Holdings Inc. of approximately C$5.8 million through a combination of debt and equity. “Sure-Gro has been a tremendous investment for Clarke that provided our team with the opportunity to be directly involved in the successful turnaround of a business with meaningful market position and scale,” said Rob Normandeau, president of Clarke. “I would like to recognize Sure-Gro management and our equity partner, Roycap Merchant Banking Group, for their hard work and dedication. We wish the new owners and all of the employees the best as they continue with the business.” Premier Tech said the acquisition of Sure-Gro strengthens the position of its Horticulture and Agriculture group in the home and garden market in Canada. The company’s other two groups include Industrial Equipment and Environmental Technologies, and each is divided into business units. Sure-Gro will become the twelfth business unit of Premier Tech. The company employs some 2,000 people located in the Americas, Europe, and Asia.
Transparency Across the Fertilizer Value-Chain