Myers Industries Sells Lawn and Garden Business

Myers Industries Sells Lawn and Garden Business

Myers Logo2 CMYK [Converted]Myers Industries Inc. has entered into a definitive agreement to sell its lawn and garden business for $115 million to an entity controlled by Wingate Partners V, L.P., a Dallas, Texas-based private equity firm.

On June 2, 2014, Myers decided to pursue the sale of its lawn and garden unit. Myers said that the decision was made by the company to streamline Myers’ business mix and allow it to focus resources on its core growth platforms.

“After detailed evaluation, the company and the board of directors have determined that the lawn and garden segment has the greatest opportunity as part of an organization that is strategically focused on its primary markets for future growth,” John C. Orr, president and CEO of Myers Industries, said in June.

The transaction is expected to close in early 2015.

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