AKRON, Ohio – Myers Industries has completed the sale of its Lawn & Garden business to an entity controlled by Wingate Partners V L.P., a Dallas, Texas, based private equity firm, for $110 million.
On June 2, 2014, the company announced that it had commenced the sale process so it could streamline its business portfolio into material handling and distribution, and increase its focus on its core growth platforms.
The sale of the Lawn & Garden business includes manufacturing facilities and offices located in Twinsburg, Ohio; Middlefield, Ohio; Sparks, Nev.; Sebring, Fla.; Brantford, Ontario; and Burlington, Ontario. The terms of the agreement include a $90 million cash payment and a $20 million note. William Blair & Co. advised Myers Industries, Inc. in connection with the transaction.
Lawn & Garden had been its own segment within Myers Industries prior to the commencement of the sales process. The business was moved to discontinued operations as of the second quarter of 2014 and had annual net sales of approximately $188 million in 2014.
