Deere & Company is selling majority interest in John Deere Landscapes for $300-million cash.
“Deere Landscapes is one of the largest U.S. wholesale suppliers of turf and ornamental agronomics, irrigation, outdoor lighting, nursery and landscape materials,” said a spokesman for Deere & Company.
Deere “will initially retain a 40 percent equity interest in the business” after the partial sale, the spokesman said. Majority interest in Deere Landscapes is being sold to private equity firm Clayton, Dubilier & Rice, LLC.
The landscape business was formed when Deere merged two companies that sold wholesale landscape supplies and irrigation products in 2001. Two more companies were later also merged into the landscape business.
John Deere Landscapes has more than 2,000 employees at about 400 locations in 41 states.