Benzinga | Aug 24, 2021 01:18PM EDT

GrowGeneration Acquires Hydroponic Supplier Commercial Grow Supply For Undisclosed Sum

* Specialty hydroponic and organic garden center GrowGeneration Corp (NASDAQ:GRWG) has acquired Commercial Grow Supply, a hydroponic superstore in California, for an undisclosed sum.

* Commercial Grow Supply, founded in 2011 by Sevan Derohanian, has annual revenues of about $10 million.

* The acquisition brings the number of GrowGen locations in California to 22 and nationwide locations to 60.

* GrowGeneration had recently raised its 2021 revenue guidance to $455 million - $475 million, versus the consensus of $459.55 million.

* GrowGeneration held $124.5 million in cash and equivalents as of June 30, 2021.

* GrowGeneration plans to have over 70 garden center locations by the end of 2021.

* Price Action: GRWG shares are trading higher by 2.12% at $31.73 on the last check Tuesday.