Jackson & Perkins Co. and Park Seed Co bought by Blackstreet Capital

US horticulture companies Jackson & Perkins Co and George W. Park Seed Co,  which filed for Chapter 11 bankruptcy in April, have been bought by private equity firm Blackstreet Capital for $12.8 million.

Private equity firm Verdero Capital and multicultural horticultural mailer Gardens Alive! were the other two bidders, according to Barbara Barton, the attorney for Park Seed.

Although Blackstreet Capital did not offer the highest monetary bid, Barton says it guaranteed that at least 150 current employees would keep their jobs for at least three years, according to US sources.

Blackstreet agreed to continue operations in Greenwood for at least three years or face a penalty of $500,000 to the state and $500,000 to Greenwood County if it opted to relocate the businesses.

Barton said: "I'm very pleased. It guarantees the continuation of this business in a community with massive unemployment. The employees are very happy. The community is very happy. Everybody in the community really wanted this."

When Park Seed filed Chapter 11, it listed assets of $8.33 million and liabilities of $44.79 million.

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Sign up now
Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Read These Next

Garden centre profile: Hulme Community Garden Centre, Manchester

Garden centre profile: Hulme Community Garden Centre, Manchester

High environmental standards, community work and support for local suppliers are all lessons for the wider garden retail industry, Matthew Appleby discovers.

How can garden centres reduce plastic use?

How can garden centres reduce plastic use?

Garden retailers are under pressure to use less plastic as the Government's new 25-year environment plan seeks to introduce a wave of measures to reduce pollution.

Will peat use be taxed or banned?

Will peat use be taxed or banned?

The Government has made strong statements on peat reduction in its new 25-year environment plan, published in January.

Follow us on:
  • Facebook
  • LinkedIn
  • Twitter
  • Google +
Horticulture Jobs
More Horticulture Jobs

Horticulture Week Top 100 GARDEN CENTRES 2017

See our exclusive ranking of garden centre performance by annual turnover. 

Garden Centre Prices

Peter Seabrook

Inspiration and insight from travels around the horticultural world

Read more Peter Seabrook articles

Neville Stein

Business advice from Neville Stein, MD of business consultancy Ovation

Read latest articles