Village Farms to acquire Hot House Growers
Village Farms to acquire Hot House Growers
Village Farms in Eatontown, NJ, one of North America's larger producers and marketers of greenhouse vegetables, has announced that an agreement has been reached for the acquisition of Hot House Growers, one of the larger growers in Vancouver, BC.
The acquisition offers Village Farms the opportunity to improve distribution dynamics, expand product availability and increase brand awareness for its customers in the United States, Canada and Mexico.
Michael DeGiglio, chief executive officer of Village Farms, said in a release, "As one of the largest consolidations in the greenhouse industry to date, we will be able to provide substantial year-round production and provide uninterrupted service to our customers. By joining forces with Hot House Growers, customers will now enjoy even fresher product as a result of our geographically dispersed production facilities and five distribution centers strategically located throughout the United States."
Mr. DeGiglio added, "Bringing these two companies together will enable us to broaden our product line, continue to provide outstanding customer service and will result in fresher, more widely available product for the consumer. The combination of Village Farms and Hot House Growers make an ideal fit for both companies, our customers and our employees."
Upon completion of the transaction, Village Farms expects its production capacity of greenhouse vegetables to double through the operation of 10 modern greenhouse facilities located in Texas, Pennsylvania and British Columbia, plus additional facilities in Mexico under exclusive arrangements.
The firm anticipates that a further announcement regarding the definitive agreements will be made in the third quarter of 2006, and closing is expected to occur in the fourth quarter of 2006.
The acquisition offers Village Farms the opportunity to improve distribution dynamics, expand product availability and increase brand awareness for its customers in the United States, Canada and Mexico.
Michael DeGiglio, chief executive officer of Village Farms, said in a release, "As one of the largest consolidations in the greenhouse industry to date, we will be able to provide substantial year-round production and provide uninterrupted service to our customers. By joining forces with Hot House Growers, customers will now enjoy even fresher product as a result of our geographically dispersed production facilities and five distribution centers strategically located throughout the United States."
Mr. DeGiglio added, "Bringing these two companies together will enable us to broaden our product line, continue to provide outstanding customer service and will result in fresher, more widely available product for the consumer. The combination of Village Farms and Hot House Growers make an ideal fit for both companies, our customers and our employees."
Upon completion of the transaction, Village Farms expects its production capacity of greenhouse vegetables to double through the operation of 10 modern greenhouse facilities located in Texas, Pennsylvania and British Columbia, plus additional facilities in Mexico under exclusive arrangements.
The firm anticipates that a further announcement regarding the definitive agreements will be made in the third quarter of 2006, and closing is expected to occur in the fourth quarter of 2006.