Black Diamond Capital Management, a hedge fund and private equity firm, had been authorized by the court to purchase Hines Horticulture out of bankruptcy.
Black Diamond Capital Management, L.L.C., (“Black Diamond”) a leading privately-held alternative asset management firm, announced today that the United States Bankruptcy Court for the District of Delaware entered an order authorizing Hines Nurseries LLC, a newly formed limited liability company owned 100% by entities managed by Black Diamond, to acquire substantially all of the assets of Hines Horticulture, Inc. and its wholly-owned subsidiary, Hines Nurseries, Inc. (“Hines Horticulture” or the “Company”) one of the leading horticulture companies in North America.
Hines Horticulture filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in Delaware on August 20, 2008.
Christopher Parker, a Managing Director at Black Diamond Capital Management, stated, “”Hines is one of the leading horticulture companies in North America. Over its 89-year history, its nurseries and related products have come to be recognized for their quality, diversity, and service. We believe this investment represents an exceptional opportunity for Hines and Black Diamond to take a leadership role in the horticulture industry.”
Mr. Parker added, “Going forward, Hines will have a strong balance sheet that will enhance the Company’s ability to serve the needs of its clients and customers, while meeting its obligations to its vendors and suppliers.”
About Black Diamond Capital Management, L.L.C.
Black Diamond Capital Management, L.L.C. is a leading privately-held alternative asset management firm with approximately $5 billion under management in a combination of hedge funds, structured vehicles and funds with distressed debt /private equity control strategies. Founded in 1995, Black Diamond has offices in Greenwich, CT and Lake Forest, IL.
About Hines Horticulture, Inc.
Headquartered in Irvine, CA, Hines Horticulture, Inc. is one of the largest commercial nursery operators in North America, producing a broad assortment of ornamental shrubs and color and container-grown plants, primarily for consumer outdoor use. The Company operates seven nurseries in four states totaling nearly 3,400 acres of land.