Central Garden & Pet Company (CENTA) Acquires Segrest in $60M Deal
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Central Garden & Pet Company (Nasdaq: CENT) (Nasdaq: CENTA) announced that it has purchased Segrest Inc., the leading wholesaler of aquarium fish, for a cash purchase price of $60 million. The acquisition is not expected to be dilutive to earnings in fiscal 2017 and accretive thereafter.
“An opportunity to secure a dynamic leader in its industry like Segrest does not come around often,” said George Roeth, President & CEO of Central Garden & Pet. “The acquisition allows Central to strengthen its position in the aquatics category and gives us the opportunity to enjoy significant synergies with our existing aquatics business. Importantly, it also enables us to partner with our customers to deliver healthy category growth.” Roeth continued, “For 55 years, Segrest has provided quality and superior service and has been a dependable partner to its customers. Central shares these values and believes the addition of Segrest into the Central family is a natural fit.” Roeth concluded, “We are looking forward to working with Segrest’s excellent and experienced management team, which will be staying on with Central, to grow the business in the years ahead.”
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