AKRON, Ohio – Myers Industries, Inc. has entered into a definitive agreement to sell its Lawn & Garden business for $115 million to an entity controlled by Wingate Partners V, L.P., a Dallas, Texas-based private equity firm.
The agreement is subject to applicable regulatory approvals and other customary closing conditions. No other financial terms and conditions have been disclosed. The transaction is expected to close in early 2015. William Blair & Company, LLC acted as exclusive financial adviser to Myers Industries.
On June 2, 2014, the company announced that it had commenced the sale process of its Lawn & Garden business so that it could streamline its business portfolio into material handling and distribution, and increase its focus on its core growth platforms.