Controlled Products, which is backed by Clearview Capital, has acquired a majority stake in Purchase Green, a provider of synthetic turf primarily for landscape and specialty applications. No financial terms were disclosed.
Clearview Capital Fund III, L.P. (“Fund III”) announced today that its portfolio company, Controlled Products, LLC (“Controlled Products”) and its affiliates, have acquired a majority stake in Purchase Green, LLC and Path to Prosperity, LLC (collectively “Purchase Green” or the “Company”). The transaction, which closed on November 20, 2019, included a significant reinvestment by the management team who will remain in their current roles to run the Company.
Purchase Green is a specialized distributor of premium quality synthetic turf primarily for landscape and specialty applications. Its products are sold in the West and South West under the Purchase Green brand through a network of corporate-owned stores and third-party exclusive dealers. Purchase Green is headquartered at its master distribution site in Pomona, CA.
“We were impressed with Tony and Nick Vena, and their entire Purchase Green team from day one,” said Paul Caliento, Partner at Clearview Capital. “Purchase Green has experienced impressive growth during the past ten years driven by management’s exceptional command of the turf industry and the Company’s deep digital marketing expertise. We see a great opportunity for the combined entity to accelerate growth by sharing and capitalizing on the strengths of the individual businesses. The teams are an excellent fit with one another.”
The acquisition brings complementary capabilities to each business unit. Purchase Green’s distribution model allows for broader access and improved distribution in previously untapped markets for Controlled Products. Controlled Product’s size and custom manufacturing capabilities provide Purchase Green a broader product line of quality U.S. manufactured synthetic turf as well as a deeper level of expertise in the indoor and outdoor field market via its SporTurf™ brand.
“This combination allows each business unit to better serve our North American customer base,” said Scott Lowrie, CEO of Controlled Products. “We have a terrific opportunity to leverage each company’s strengths to the benefit of
the combined entity.”
“Controlled Products provides us with new opportunities and access to capital to accelerate our growth plans while offering a broader spectrum of solutions for our customers,” said Tony Vena, CEO at Purchase Green.”
Controlled Products is a manufacturer and distributor of premium quality synthetic turf for sports, training, landscape, leisure and specialty applications. Its products are sold to a national network of dealers and installers under Controlled Products’ highly recognizable brand names, SporTurf™, GrassTex, and Synthetic Turf International®. The Company also delivers a broad array of turf products to original equipment manufacturers and large regional installation companies under private label arrangements. Controlled Products is headquartered at its state-of-the-art, 280,000 square foot facility in Dalton, GA.