Scotts (SMG) Subsidiary Teams With BFG for Hydroponic Growth
The Scotts Miracle-Gro Company’s SMG subsidiary, The Hawthorne Gardening Company, and BFG Supply, a national distributor of horticultural and agricultural products, have forged a strategic partnership. This collaboration entails BFG distributing Hawthorne’s exclusive Signature brand cultivation supplies and solutions.
This partnership is integral to both companies' overarching strategies, aimed at seizing growth opportunities within the hydroponic products sector and offering enhanced solutions to growers.
Hawthorne is strategically shifting its focus by discontinuing the distribution of products from other companies. It will concentrate solely on marketing, innovating and supporting its extensive portfolio of Signature brands. These include renowned names like Gavita, General Hydroponics, Botanicare, Cyco, Mother Earth, HydroLogic, Gro Pro and more.
The Scotts Miracle-Gro Company Price and Consensus
The Scotts Miracle-Gro Company price-consensus-chart | The Scotts Miracle-Gro Company Quote
This move will enable Hawthorne to streamline and optimize its operations. BFG will step in as a primary partner to distribute Signature products to Hawthorne customers. Leveraging its national distribution network and proven track record in customer support, BFG is well-positioned to facilitate this transition effectively.
These changes not only drive Hawthorne’s growth but also offer immediate and long-term benefits to its retailers and growers. By sharpening their focus, they will allocate more resources to initiatives that propel their industry-leading brands forward while enhancing customer service and experiences. BFG shares this commitment and will play a pivotal role in executing their strategy.
Since 2016, BFG has been expanding its market distribution strategy in response to customer demand for a comprehensive product range in the hydroponic and professional growers space. Through this strategic partnership, BFG aims to cement its status as the premier distributor for all Hawthorne Signature brands and third-party products within the hydroponic retail sector. This initiative is slated to commence in the second quarter of this calendar year, capitalizing on BFG's national distribution footprint.
Shares of Scotts Miracle-Gro have gained 4.9% in the past year against a 24.2% decline of the industry.
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Zacks Rank & Key Picks
Scotts Miracle-Gro currently carries a Zacks Rank #3 (Hold).
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