ICFG USA advised Growers House on its growth recapitalization
| ICFG member in the USA, Westbury Group LLC (“Westbury”), has advised Growers House on its growth recapitalization by RLJ Equity and Cave Creek Capital Management. |
| Founded in 2011 by Nate Lipton and Paul Lipton, Growers House is based in Tucson, Arizona and has rapidly grown to become a leading digitally native, omni-channel hydroponic equipment and supplies retailer servicing the specialty agriculture industry. Growers House and its subsidiaries combine the creation of proprietary, industry-leading video content with one of the largest assortments and seasoned cultivation experts to provide full-service retail and consulting to commercial and hobbyist growers alike, highlighting and defining the future of cultivation products and methodologies. The recapitalization retains Co-Founder & Co-CEO Nate Lipton, his Co-CEO Angela Kapp, and the company’s management team. The team will use its deep connections with the industry’s pre-eminent growers and cultivation facilities to develop innovative products, and will leverage its compelling content brands, such as Canna Cribs, to bring them to market. The company’s new investors will provide the necessary capital to accelerate its omni-channel growth, develop more world class content for its rapidly expanding base, expand into new markets and offer best-in-class services and products to B2B and B2C customers. In addition to the continued development of the hydro industry’s leading e-commerce platform, Growers House will solidify its market leading business in Arizona with the addition of a second retail store, this one in Phoenix, and will begin serving international customers on its website https://growershouse.com/ |
| Nate Lipton, Co-Founder and Co-CEO of Growers House commented: “We’d like to thank the Westbury team for their help in taking us through this transaction, especially in the midst of the upheaval of the pandemic. The outcome was just what we sought – with two great financial firms now working with us.” Angela Kapp, Co-CEO of Growers House added: “Jim, Jon, and the team never flagged in their support and we appreciate the professionalism they brought to the effort.” Jon Rubin, Partner at Westbury Group LLC commented: “It was a pleasure to complete this transaction with such a talented team, as well as RLJ and Cave Creek, who brought creativity and a sharp analytical focus to the deal.” Jim Whitcomb, Managing Director at Westbury Group LLC commented: “The Growers House team has built an industry-leading e-commerce business. With the backing of their new investors, we look forward to seeing their continued leadership in the Hydro sector.” |
