Platinum Equity is selling Orbit Irrigation to Husqvarna Group for $480 million.. The Orbit product offering includes retail watering equipment, garden centers and e-commerce and professional channels.
The sale marks the end of a transformation program under Platinum Equity’s ownership that focused on Orbit’s smart watering technology, diversifying its product portfolio and implementing operational improvement programs.
“Orbit’s success is the result of a strong partnership with the company’s leadership team and a lot of hard work by dedicated employees at every level of the organization,” said Jacob Kotzubei, partner at Platinum Equity.
“Platinum helped Orbit transform from a traditional consumer goods company into an innovative technology provider,” added Stuart Eyring, CEO of Orbit. “They also helped us put the systems and infrastructure in place to facilitate our growth and transition to a true market leader. Today we are well prepared to join forces with Husqvarna Group’s Gardena Division, one of the world’s leading innovative gardening product brands.”
Moelis & Company and William Blair & Co. are serving as financial advisors to Platinum Equity on the sale of Orbit. Gibson, Dunn & Crutcher LLP is serving as legal counsel to Platinum Equity on the transaction.