Grow-Tech LLC – South Portland, Maine
Grow-Tech LLC, South Portland, Maine, acquired in January 2010 and sold in May 2017, was a spin-off from Rynel Inc. Grow-Tech provides growth media solutions for leading commercial growers and propagators in horticultural, forestry and hydroponics markets around the world. Grow-Tech was originally spun-off from Dole Food Company a manufacturer of stabilized growing media for planting seedlings, which is also fast rooting. The Grow-Tech process binds and forms organic materials into a high-tech, hydrophilic media. The result is a rooting plug with increased porosity, wicking, and water-holding properties while retaining its organic qualities.
Concurrent with AAI’s acquisition, Grow-Tech hired an international industry veteran as Managing Director and to assist with the growth of the company. Grow-Tech’s innovative manufacturing technology and niche global market fit well with AAI investment criteria. Management anticipates strong growth as a result of the post acquisition plans being implemented at Grow-Tech.
2016: Grow-Tech was honored as South Portland’s Business of the Year.
2017: Grow-Tech LLC, has been sold to the Netherlands-based floricultural company Dümmen Orange. Since becoming a portfolio company of AAI in 2010, Grow-Tech doubled its workforce and grew by 700%. Grow-Tech started in a small factory in Lisbon Falls but is now based at a world-class 30,000 square foot facility in South Portland.
To learn more about this acquisition, see the full article.