GrowGeneration announced the acquisition of Hoagtech Hydroponics. This acquisition brings the total number of GrowGen hydroponic garden centers nationwide to 59 stores.
"We're thrilled with our acquisition of Hoagtech Hydroponics, which boasts a strong commercial customer base and a talented team of grow professionals," said Darren Lampert, GrowGeneration's CEO. "This transaction expands our footprint in the Pacific Northwest and puts us in close proximity to some of the state's largest commercial operators. Further, Bellingham is located near two major Pacific Northwest cites, Vancouver, British Columbia, and Seattle, Washington. With the addition of Hoagtech Hydroponics, we expect the Washington market to generate annual revenues approaching $15 million annually."
Founded in 2010 by Dan Hoag, GrowGeneration plans to operate out of Hoagtech's 25,000 square-foot warehouse in Bellingham. As part of the transaction, Hoag and his team of eight cultivation experts will join GrowGeneration.
The Hoagtech Hydroponics acquisition is the company's 13th acquisition this year and follows yet another quarter of record earnings. Earlier this month, the company raised its full-year 2021 revenue guidance to $455 million - $475 million. GrowGen plans to have over 70 garden center locations by the end of 2021.