Press Releases
Central Garden & Pet Acquires Assets of
Budd Seed;
Acquires Premium ''Rebel'' and ''Palmer's Pride'' Brands
LAFAYETTE,
Calif. -- (BUSINESS WIRE) -- May 18, 2004 -- Central Garden & Pet
Company (Nasdaq:CENT) today announced that it has agreed to acquire
substantially all of the assets of KRB Seed Company, LLC (dba "Budd
Seed"). Terms were not disclosed.
Based in Winston-Salem, North
Carolina, Budd Seed is a leading provider of high-quality grass
seed brands directed primarily towards major retail outlets under
the "Rebel" and "Palmer's Pride" brands.
Annual sales are approximately $17 million with a strong regional
presence in the Southeastern United States.
"We are delighted
to include the Rebel and Palmer's Pride brands into our premier
portfolio," said Glenn Novotny, President and
Chief Executive Officer of Central Garden & Pet. "Additionally,
Budd Seed and Pennington Seed have an excellent track record of
doing business together and we are excited to have the Budd Seed
management team join our company."
Pennington Seed, Inc., a
subsidiary of Central Garden & Pet,
previously maintained a licensing agreement with Budd Seed enabling
Pennington to sell the Rebel brand to its customers.
"The acquisition
of the Rebel brand is an exciting development for our major retail
customers," noted Brooks Pennington III,
President of Pennington Seed. "Rebel enables us to offer a
variety of programs, featuring one of the most respected brands
of premium grass seed, to a broader base of consumers."
The
transaction is consistent with Central's previously stated acquisition
criteria and is expected to be essentially neutral to the company's
2004 earnings and contribute approximately 5 cents to fiscal 2005
earnings.
Central Garden & Pet Company is a leading innovator, marketer
and producer of quality branded products for the pet and lawn and
garden supplies markets. Our pet products include pet bird and
small animal food, aquarium products, flea, tick, mosquito and
other pest control products, edible bones, cages, carriers, pet
books, and other dog, cat, reptile and small animal products. These
products are sold under a number of brand names, including Kaytee,
All-Glass Aquarium, Oceanic, Kent Marine, Zodiac, Pre-Strike, Altosid,
Nylabone, TFH, Four Paws and Interpet. Our lawn and garden products
include grass seed, wild bird food, weed and insect control products,
decorative outdoor patio products and ant control products. These
products are sold under a number of brand names, including Pennington,
Norcal Pottery, New England Pottery, GKI/Bethlehem Lighting, Lilly
Miller, Matthews Four Seasons, AMDRO and Grant's. For additional
information on Central Garden & Pet, including access to the
Company's SEC filings, please visit the Company's website at http://www.centralgardenandpet.com/.
"Safe
Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this release which
are not historical facts, including future earnings guidance, are
forward-looking statements that are subject to risks and uncertainties
that could cause actual results to differ materially from those
set forth in or implied by forward-looking statements. These risks
are described in the Company's Securities and Exchange Commission
filings. Central undertakes no obligation to publicly update these
forward-looking statements to reflect new information, subsequent
events or otherwise.
CONTACT:
Central Garden & Pet
Paul Warburg, 925-299-7495
SOURCE: Central Garden & Pet
© Copyright, 2003 Central Garden & Pet
Company, All rights reserved |
