Hyne Group will pick up a 60% stake in the garden business
Piper Alderman has advised retailer Rocky Point in the sell down of a 60% stake in its garden business to the Hyne Group.
Hyne Group chief executive officer Jon Kleinschmidt said this was an exciting new chapter for both the Hyne Group and Rocky Point. “Rocky Point is a great partnership opportunity, and together, we can grow our businesses, delivering even better, world-class products and services into the future.”
“This will create opportunities for future growth while allowing our generational family business to execute succession planning for future generations. The partnership will open a new chapter where we can focus on manufacturing quality products at a national level,” Rocky Point chief executive officer Matt Keith said.
Rocky Point supplies premium quality products to the retail garden, nursery, agriculture, home gardeners and erosion management industries. The company started in 1949 as a sugar cane farm. The Rocky Point brand has grown into five divisions across multiple growth industries. Its “Better Earth” initiatives include recycling, supply, packaging, education, and forum.
Rocky Point agreed to supply premium quality products to the retail garden, nursery, agriculture, home gardeners and erosion management industries to the Hyne Group, which prides itself on sustainably and locally sourced feedstock. Under the deal, Hyne Group will hold a 60% interest in Rocky Point’s garden business, while Rocky Point will retain the remaining 40%.
The Piper Alderman team that advised Rocky Point included lead partner Andrew Rankin, special counsel Claren Klavsen, and senior associate Kara Pennisi. The team provided advice on the share sale agreement and the shareholders’ agreement between the parties, which will govern the partnership in the future. The team also advised Rocky Point concerning an internal business restructuring to facilitate the sell-down of its interest to the Hyne Group.
“We are delighted to have assisted Rocky Point on this transaction, as the business has been looking for opportunities for future growth while allowing their family business to implement succession planning for future generations,” Rankin said.