Floral Plant Growers acquires Greiling Farms Inc.

NEW YORK, August 17, 1998 - Floral Plant Growers, a Sentinel Capital Partners portfolio company that is pursuing a consolidation growth strategy in the lawn and garden industry, today announced the acquisition of Greiling Farms Inc. in a transaction valued at $22,500,000. Sentinel arranged the senior debt financing and provided additional equity for Floral's expansion.

The Floral-Greiling combination operates more than 65 acres of enclosed, highly-automated greenhouse facilities serving the Virginia, Pennsylvania, New Jersey, Maryland, Washington D.C., Wisconsin, Iowa and Indiana markets. Floral Plant Growers has established a strong platform and is well-positioned to continue pursuing a consolidation strategy within the fragmented specialty horticulture industry.

During the past several years, mass merchant retailers have enjoyed profitable growth in the lawn and garden category. Companies such as Home Depot, Lowes, Walmart, Kmart and Target have built large, in-store garden centers to capitalize on favorable demographic trends fueling the growth of the gardening industry. Many small and midsize companies that currently supply the specialty horticultural industry lack the sophistication to adequately serve the mass merchant channel. Floral Plant Growers' strategy is to actively participate in consolidating the industry by acquiring these small and midsize businesses.