John Deere has announced it will sell a majority interest in John Deere Landscapes to the private equity investment firm Clayton, Dubilier & Rice, LLC. Deere will receive roughly $300 million in cash and retain a 40% equity interest in the business.
"This partial sale allows Deere an opportunity to remain as part of a successful landscapes distribution business," says James Field, president, Deere’s Worldwide Agriculture & Turf Division. "At the same time, Deere will continue to increase its own strategic focus on the global growth businesses in agriculture and construction and the complementary businesses in turf and forestry. "
John Deere Landscapes began in 2001, and it has grown into one of the largest U.S. wholesale suppliers of products for use in irrigation, turf and ornamental agronomics, and more. It has more than 2,000 employees across 41 states.
Click here to read the complete announcement by John Deere.