Deere & Company has agreed to sell a majority interest of John Deere Landscapes to the private equity investment firm of Clayton, Dubilier & Rice, LLC.
Deere will receive approximately $300 million in cash and will initially retain a 40 percent equity interest in the business as a result of the transaction.
“This partial sale allows Deere an opportunity to remain as part of a successful landscapes distribution business,” says James Field, president of Deere’s Worldwide Agriculture & Turf Division. “At the same time, Deere will continue to increase its own strategic focus on the global growth businesses in agriculture and construction and the complementary businesses in turf and forestry.”
John Deere Landscapes was formed in 2001 after the company purchased and merged two companies that sold wholesale landscape supplies and irrigation products.
John Deere Landscapes has more than 2,000 employees at approximately 400 locations in 41 states.