Pacific Avenue Capital Partners has agreed to acquire Oldcastle Lawn & Garden Inc. from CRH in a transaction valued at more than $1.1 billion.
Following the closing, the business will be renamed GardenCore as it begins operating as a standalone company. The deal represents the latest example of Pacific Avenue’s focus on large-scale corporate carve-outs and marks the firm’s first transaction exceeding $1.1 billion in enterprise value. GardenCore is a U.S.-based manufacturer of lawn and garden consumable products, supplying mulch, soil, stone and lime products to major home improvement retailers and garden centers across the country. The company operates more than 55 manufacturing facilities throughout the U.S. and employs over 1,400 people.
Jefferies Group served as financial advisor to Pacific Avenue, while Weil, Gotshal & Manges LLP acted as legal counsel. BofA Securities served as financial advisor to CRH.