TreeTown USA Buys Hines Division of Color Spot Nurseries
TreeTown USA, in coordination with Wells Fargo’s acquisition of Color Spot Holdings, announced it has reached an agreement to acquire the Hines division of Temecula, Calif.-based Color Spot Nurseries, Inc. for an undisclosed amount. The division has three facilities totaling more than 2,000 acres located in California and Oregon.
The deal represents the company’s latest strategic nursery acquisition and provides TreeTown USA with a foothold in the Pacific Northwest and adjacent markets as it expands its current coast-to-coast footprint. Closing is expected by the early part of August 2018.
With its foray into the Pacific Northwest, TreeTown USA’s operations will include 19 farm locations throughout California, Texas, Florida, and Oregon encompassing more than 6,000 acres in production.
Company CEO Jonathan Saperstein stated, “Hines, at one point, was the largest North American producer of ornamental container plants. They developed industry-leading best practices as well as a strong company culture. This knowledge base still resides within the company, and we look forward to the results of combining this with the great team we have in our organization.
“We look forward to working with Wells Fargo as they move forward with their acquisition of Color Spot,” he continued.
Saperstein anticipates there will be future horticulture industry growth in the landscape professional segment of the business. As a result, he foresees there will be a significant need for shrubs, foundation plants, and trees within the large commercial space as well. “The size and locations of the Hines facilities will allow us to take advantage of the inherent economies of scale over the next decade,” he added.