US (PA): Hydrofarm to acquire nutrient maker for $78.1M

Hydrofarm has entered into an agreement to acquire Field 16, the manufacturer and distributor of Heavy 16, a line of plant nutrients. 

“As a leading hydroponics company, a key component of our growth strategy is to bring dynamic brands like Heavy 16 under the Hydrofarm umbrella and continue to solidify our position as the acquirer of choice in this highly fragmented and fast-growing industry,” said Bill Toler, Chairman and Chief Executive Officer of Hydrofarm. “Controlled environment agriculture is in the midst of a revolution and poised to be the most significant new market category to emerge in a generation.”

Subject to customary closing conditions, the transaction is expected to be completed in May 2021. Upon completion of the transaction. Heavy 16 CEO Aaron Berkowitz will join the Hydrofarm senior management team as he continues to lead the Heavy 16 business. In addition, Heavy 16 Founder and Chief Agronomist Bryce Patterson will continue to work alongside Mr. Berkowitz as Chief Agronomist, focusing on research and development, customer experience, and integration efforts.

“Since Heavy 16’s inception, our innovation has been driven by listening to local farmers and using the highest-grade ingredients to formulate a potent and streamlined nutrient regimen to help them achieve their goals. As the first line of nutrients to be manufactured under the Hydrofarm umbrella, we now have the opportunity to further accelerate the development and introduction of solutions that empower growers to operate more effectively and sustainably as this transformative industry continues to evolve,” said Mr. Berkowitz. “We are thrilled to join the Hydrofarm family of brands as we explore new frontiers in the CEA space together.”