Jan 10, 2022
GrowGeneration acquires Mobile Media equipment company
GrowGeneration Corp., which owns and operates a chain of specialty hydroponic and organic garden centers, recently acquired the assets of Mobile Media, Inc and MMI Agriculture, aka MMI, an Ellenville, New York-based mobile shelving manufacturing and warehouse facility.
Transaction terms were $9.4 million in cash and stock, inclusive of inventory, fixed assets and goodwill, according to a news release from the company. MMI generated over $14.0 million in revenue in 2021.
MMI has long been a trusted manufacturer of high-density mobile shelving systems, commonly referred to as “benching,” to a variety of industries including agriculture, retail, commercial, and government, offering a complete turnkey solution, specializing in design, custom manufacturing, shelving systems, and installation across the U.S., according to a news release from the company.
High-density mobile systems have become a vital part of agriculture grow facilities by increasing overall canopy space both vertically and across the floor by maintaining one moveable aisle in each grow system, according to the news release. MMI has gained significant traction in the agriculture industry by innovating a tiered decking system incorporated within the mobile system, allowing growers to reach numerous vertical tiers while maintaining total system functionality. MMI occupies two warehouses totaling over 70,000 square feet and will continue to produce products in its manufacturing facility in New York.
“I started MMI, 35 years ago, with the goal of providing the highest-quality vertical racking systems and I’m fortunate to find a partner like GrowGen, one of the most trusted names in hydroponic and organic gardening,” said Lance Pennington, founder of MMI. “GrowGen’s leadership position in selling products into the indoor vertical farming industry combined with MMI’s indoor vertical racking systems now offers our customers a one stop solution for all their indoor cultivation products makes this the perfect partnership.”
GrowGeneration owns and operates specialty retail hydroponic and organic gardening stores. Currently, GrowGeneration has 62 stores, which include 23 locations in California, eight locations in Colorado, seven locations in Michigan, five locations in Maine, five locations in Oklahoma, four locations in Oregon, three locations in Washington, two locations in Nevada, one location in Arizona, one location in Rhode Island, one location in Florida, one location in Massachusetts and one location in New Mexico. GrowGeneration carries and sells thousands of products, including organic nutrients and soils, advanced lighting technology and hydroponic equipment to be used indoors and outdoors by commercial and home growers.
MMI, founded in 1986, serves a variety of markets with a mobile system custom manufactured for facilities and stockrooms of any size. Each client receives a design that achieves maximum storage capacity, saved space, and compliance with all egress, seismic, and building codes being met.
