SiteOne Landscape Supply Announces Purchase Of Majority Stake In Devil Mountain Wholesale Nursery; No Financial Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
SiteOne Landscape Supply, Inc. (NYSE:SITE) has acquired a majority stake in Devil Mountain Wholesale Nursery, LLC, a leading wholesale distributor of landscape trees and plants in California. This marks SITE's second acquisition in 2024, aiming to expand its market presence and complete its product line offering in California and the Western US. Devil Mountain's CEO Drew McMillan will continue as President, and the deal includes an option for SITE to acquire the remaining interest in the future.
April 30, 2024 | 9:30 pm
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SiteOne Landscape Supply's acquisition of Devil Mountain Wholesale Nursery positions SITE for growth in the California and Western US markets, expanding its product offerings and market reach.
The acquisition of Devil Mountain Wholesale Nursery by SiteOne Landscape Supply is likely to have a positive short-term impact on SITE's stock price. This strategic move not only expands SITE's product offerings and market presence in California and the Western US but also signals to investors the company's aggressive growth strategy through acquisitions. Given the positive reception of growth-oriented acquisitions in the market, this is expected to be viewed favorably by investors, potentially leading to an uptick in SITE's stock price in the short term.
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