Green Depot and Greenmaker Merge
The Brooklyn-based and Chicago-based “green” building supplies companies join forces; terms were not disclosed.
November 21, 2008
The retail sector is hurting badly as a result of the current economic downturn, though certain segments of the “green” retail niche seem to show promise.
On Friday morning, two green-focused building materials companies, Brooklyn-based Green Depot and Chicago-based Greenmaker agreed to merge. Terms of the transaction were not disclosed.
Green Depot is a building products and services company with additional locations in Boston, Massachusetts; Newark, New Jersey; and Philadelphia, Pennsylvania. Founded in 2005, the company will open locations in the Chicago area, operating as Greenmaker. Next year, Green Depot plans to open additional retail stores in Albany, New York; Newark, Delaware; and in New York City’s Bowery neighborhood.
Green Depot’s president and founder Sarah Beatty cited an eagerness to move into the Chicago area as the motivation for the transaction.
Co-founder and chief executive officer of Greenmaker, Ori J. Sivan, said the U.S. is in “desperate need of sustainable solutions” believes the merger of the two companies represents an example “of innovative companies creating economic growth.”
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