Central Garden and Pet (NASDAQ:CENT)
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Central Garden & Pet Company (NASDAQ:CENT) announced
today that it increased its equity interest in Tech Pac, L.L.C. from
20% to 80%.
Tech Pac is a leading supplier of insect control branded products
in the lawn and garden market place. Tech Pac's leading brands include
Sevin(R), a broad-based insecticide, Over'nOut!(R) for fire ant
control and RooTone a leading root stimulant for the gardening
enthusiast.
"Our increased investment in Tech Pac strengthens our portfolio of
leading lawn & garden control brands," commented Glenn Novotny,
President and Chief Executive Officer of Central Garden &Pet. "The
majority interest enables us to increase the awareness of both the
Sevin, Over'nOut! and RooTone brands and our access to next generation
active ingredient technologies to develop and introduce new control
products with superior efficacy."
In addition to Sevin and Over'nOut!, Central's portfolio of
leading brands of lawn & garden control products include Amdro for
fire ant, household and garden ant control; Grants for household and
garden ant control; and Eliminator for weed and grass control
manufactured exclusively for Wal-Mart.
In February 2005, Central, acquired Gulfstream Home & Garden, Inc.
and its 20% interest in Tech Pac. Gulfstream Home & Garden is the
exclusive marketer of products supplied by Tech Pac L.L.C. As a result
of the transaction announced today, Central's interest in Tech Pac is
increased to 80%. Terms for the purchase of the additional 60%
interest were not disclosed, but are within Central's stated
acquisition criteria of 5-to-7 times trailing twelve months operating
income. The transaction is expected to add approximately 2 cents per
fully diluted share to fiscal 2006 results.
Central Garden & Pet Company is a leading innovator, marketer and
producer of quality branded products for the pet and lawn and garden
supplies markets. Our pet products include pet bird and small animal
food, aquarium products, flea, tick, mosquito and other pest control
products, edible bones, cages, carriers, pet books, and other dog,
cat, reptile and small animal products. These products are sold under
a number of brand names, including Kaytee, SuperPet, All-Glass
Aquarium, Oceanic, Kent Marine, Energy Savers Unlimited, Zodiac,
Pre-Strike, Altosid, Nylabone, TFH, Four Paws, Interpet, Breeder's
Choice and Farnam. Our lawn and garden products include grass seed,
wild bird food, weed and insect control products, and decorative
outdoor patio products. These products are sold under a number of
brand names, including Pennington, Norcal Pottery, New England
Pottery, GKI/Bethlehem Lighting, Lilly Miller, Matthews Four Seasons,
Cedar Works, AMDRO, Grant's, Sevin and Over'n Out. For additional
information on Central Garden & Pet, including access to the Company's
SEC filings, please visit the Company's website at
http://www.central.com/.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this release which are
not historical facts, including future earnings guidance, are
forward-looking statements that are subject to risks and uncertainties
that could cause actual results to differ materially from those set
forth in or implied by forward-looking statements. These risks are
described in the Company's Securities and Exchange Commission filings.
Central undertakes no obligation to publicly update these
forward-looking statements to reflect new information, subsequent
events or otherwise.