Griffin completes $5.1M sale of CT nursery operations
Imperial website
Sunshine Daydream Abelias are one of the many nursery products in Imperial's catalog.
Griffin Land & Nurseries said it has completed the $5.1 million sale of its Granby landscape nursery operations to Monrovia Nursery Co.
The deal includes a long-term lease agreement for Monrovia to use the land of Griffin subsidiary Imperial Nurseries, as well as the sale of inventory and other assets, Griffin said. The lease contains a purchase option.
Monrovia, based in California, will pay $840,000 up front and the remainder in June of this year and 2015.
Griffin said it will take a “significant” fourth-quarter charge because it sold the inventory and other assets at a discount to their book value.
Monrovia supplies landscape nurseries in Glastonbury, Southington and Meriden, as well as several other Connecticut communities, according to its website.
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