Central Garden & Pet Purchases Majority Equity Interest in Tech Pac, L.L.C.
14 March 2006 - 11:16AM
Business Wire
Central Garden & Pet Company (NASDAQ:CENT) announced today that
it increased its equity interest in Tech Pac, L.L.C. from 20% to
80%. Tech Pac is a leading supplier of insect control branded
products in the lawn and garden market place. Tech Pac's leading
brands include Sevin(R), a broad-based insecticide, Over'nOut!(R)
for fire ant control and RooTone a leading root stimulant for the
gardening enthusiast. "Our increased investment in Tech Pac
strengthens our portfolio of leading lawn & garden control
brands," commented Glenn Novotny, President and Chief Executive
Officer of Central Garden &Pet. "The majority interest enables
us to increase the awareness of both the Sevin, Over'nOut! and
RooTone brands and our access to next generation active ingredient
technologies to develop and introduce new control products with
superior efficacy." In addition to Sevin and Over'nOut!, Central's
portfolio of leading brands of lawn & garden control products
include Amdro for fire ant, household and garden ant control;
Grants for household and garden ant control; and Eliminator for
weed and grass control manufactured exclusively for Wal-Mart. In
February 2005, Central, acquired Gulfstream Home & Garden, Inc.
and its 20% interest in Tech Pac. Gulfstream Home & Garden is
the exclusive marketer of products supplied by Tech Pac L.L.C. As a
result of the transaction announced today, Central's interest in
Tech Pac is increased to 80%. Terms for the purchase of the
additional 60% interest were not disclosed, but are within
Central's stated acquisition criteria of 5-to-7 times trailing
twelve months operating income. The transaction is expected to add
approximately 2 cents per fully diluted share to fiscal 2006
results. 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,
SuperPet, All-Glass Aquarium, Oceanic, Kent Marine, Energy Savers
Unlimited, Zodiac, Pre-Strike, Altosid, Nylabone, TFH, Four Paws,
Interpet, Breeder's Choice and Farnam. Our lawn and garden products
include grass seed, wild bird food, weed and insect control
products, and decorative outdoor patio 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, Cedar Works, AMDRO, Grant's, Sevin and
Over'n Out. For additional information on Central Garden & Pet,
including access to the Company's SEC filings, please visit the
Company's website at http://www.central.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.
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