Scotts Miracle-Gro Sells Its 30% Stake in TruGreen
The Scotts Miracle-Gro Company (SMG) has sold its approximate 30 percent stake in TruGreen to TruGreen’s majority owner, Clayton Dublier & Rice (CD&R) for approximately $234 million. In 2016, SMG contributed its wholly owned subsidiary, Scotts LawnService, into a joint venture with TruGreen, creating the largest do-it-for-me lawn service company in America. Seventy percent of the joint venture was owned by the private equity firm CD&R, its co-investors and TruGreen management, with the balance owned by ScottsMiracle-Gro. In addition to the sale, SMG also received cash proceeds of another $18.4 million in connection with the assignment to a third party … Read more