Fast Growing Trees, the leading direct-to-consumer e-commerce retailer of trees and plants, today announced that it has entered into a recapitalization transaction with Boston-based Berkshire Partners. Cove Hill Partners will also participate in the transaction as a minority investor. Terms of the transaction were not disclosed.
Fast Growing Trees offers the largest selection of live goods through its three branded websites fast-growing-trees.com, brighterblooms.com, and plantingtree.com. The company partners with growers throughout North America to source its products and operates its own nursery where it maintains hundreds of thousands of live plants ready to be shipped directly to its loyal and rapidly growing customer base.
"For more than 15 years, we have delivered superior trees and plants from our nursery straight to our customers' doorsteps," said Adam Smith, CEO of Fast Growing Trees. "We are thrilled to partner with the Berkshire Partners and Cove Hill Partners teams; they bring deep consumer and digital experience that will support our mission in this next chapter of our growth."
"We are pleased to have the opportunity to partner with Adam and the company," said Josh Lutzker, Managing Director of Berkshire Partners. "Fast Growing Trees has built its reputation as a disruptor in the DIY live goods retail market, and we share the company's vision of delighting customers by offering them top-quality products delivered right to their homes."
Zack Kaplan, Managing Director of Cove Hill Partners added, "We look forward to working with the Fast Growing Trees and Berkshire Partners teams to support the company's innovative approach to delivering on customers' desire for convenience and quality."
Summit Park will also continue to be an investor in the company. Ropes & Gray LLC served as legal counsel to Berkshire Partners on the transaction. William Blair served as financial advisor to Summit Park and Fast Growing Trees.
About Fast Growing Trees
Fast Growing Trees offers consumers a broad variety of high-quality trees and shrubs through its branded websites fast-growing-trees.com, brighterblooms.com, and plantingtree.com. The company provides customers with a best-in-class e-commerce experience and access to more than 1,200 varieties of trees, plants, and shrubs that are available for nationwide home delivery, typically within three days of placing an order. Fast Growing Trees sources its products from a geographically diverse network of trusted suppliers and has built a reputation in the marketplace for offering high-quality products and superior customer service. The company's differentiated consumer experience is disrupting traditional channels in its large and steadily growing category. For more information, visit www.fast-growing-trees.com.
About Berkshire Partners
Berkshire Partners, a Boston-based firm, has 35 years of investment history. Berkshire Private Equity has made more than 135 private equity investments since its inception and has a strong history of partnering with management teams to grow the companies in which it invests. Stockbridge, the firm's public equity business, was founded in 2007 and seeks to make public equity investments in high-quality companies with strong competitive positions and long-term growth prospects. Berkshire Partners has been an active investor in the consumer sector since its inception; example investments include Aritzia, Bare Escentuals, CrossFit, Kendra Scott, Mielle Organics, and Portillo's. The firm also invests in business services & technology, communications, healthcare, and industrials companies. For additional information, and to see a full list of the firm's private equity investments, visit www.berkshirepartners.com.
About Cove Hill Partners
Cove Hill Partners is a long-term oriented private equity firm focused on partnering with outstanding management teams to build market-leading technology and consumer companies. The firm manages long-duration funds with over $2.5 billion of commitments from its investors and founders. Based in Boston, Cove Hill has an innovative structure that provides the flexibility to enable a patient, concentrated, and value-add approach in a small portfolio of long-term investments. Cove Hill Partners has been an active investor in consumer internet businesses, which include Storable Holdings, Live Auctioneers, Kalkomey Enterprises and Caring.com. More information about Cove Hill Partners can be found at www.covehillpartners.com.