GrowGeneration announced the acquisition of Hoagtech Hydroponics. This acquisition brings the total number of GrowGen hydroponic garden centers nationwide to 59 stores.
“We are delighted with our acquisition of Hoagtech Hydroponics, which benefits from a strong business customer base and a talented team of growers,” said Darren Lampert, CEO of GrowGeneration. “This transaction expands our presence in the Pacific Northwest and places us close to some of the state’s largest trading operators. Additionally, Bellingham is located near two major cities in the Pacific Northwest, Vancouver, British Columbia and Seattle, Washington. from Hoagtech Hydroponics, we expect the Washington market to generate annual revenues approaching $ 15 million per year. “
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 acquisition of Hoagtech Hydroponics is the company’s 13th acquisition this year and follows another quarter of record profits. Earlier this month, the company raised its revenue forecast for the year 2021 to $ 455 million – $ 475 million. GrowGen plans to have over 70 garden centers by the end of 2021.