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Updated: 04-Jan-22 07:50 ET

SMG: Scotts Miracle-Gro acquires Luxx Lighting for $215 mln; reaffirms FY22 guidance (164.60)

Co announced it has acquired Luxx Lighting in a transaction that significantly strengthens The Hawthorne Gardening Company's industry-leading lighting portfolio. The Company also said it has acquired True Liberty Bags.
ScottsMiracle-Gro acquired the assets of Luxx for $215 million. Hawthorne, which previously did not distribute Luxx, will expand the marketing and distribution of the brand in emerging markets, including the East Coast. The acquisition, which closed December 30, 2021, adds approximately $100 million in sales and $20 million in operating income to Hawthorne on an annualized basis. While approximately $75 million of revenue from Luxx is expected in the remainder of fiscal 2022, the transaction is expected to be neutral to earnings for the year due to the impact of purchase accounting and one-time deal costs.
Co reaffirms guidance for FY22 (Sep), sees EPS of $8.50-8.90 vs. $8.59 S&P Capital IQ Consensus.