Roark Capital Group Acquires a Majority Interest in Pike Family Nurseries
-- The Pike family remains active as an important minority shareholder --
-- Randy Pike promoted to President and Chief Executive Officer --
-- William 'Pete' Pike, Gary Pike, and Dana Pike retain prominent leadership
ATLANTA, April 30 /PRNewswire/ -- Roark Capital Group, an Atlanta-based private equity firm, today announced it has acquired a majority interest in Pike Family Nurseries, the largest independent lawn and garden center in the Southeast and the third largest in the United States. Founded in 1958, Pike Family Nurseries is a well-respected Atlanta institution with 26 locations in and around the Atlanta metro area. "The Pike family has built the most recognized brand name in the fast- growing lawn and garden industry," commented Neal Aronson, managing partner and founder of Roark Capital Group. "With our investment, we are rallying behind Randy Pike to grow the store base and extend the Pike experience to new areas." "Roark Capital is the perfect partner for Pike Family Nurseries," said Randy Pike, CEO of company. "The Roark team is unique -- they understand and appreciate the essence of our brand, the loyalty of our customers, and the solid growth opportunities available to us. We've invited them into the Pike family and are excited to access their financial and operational expertise." "Gardening is the number one leisure activity in the country. It is fun and adds value to your property -- a 'win-win' for Pike and the consumer," commented Shawn Welch, lead partner at Roark Capital Group for the Pike relationship. "We see a great opportunity for Pike to continue playing a major role in the niche between 'big box' retailers and 'mom and pop' lawn and garden specialty stores." "I am excited to partner with Roark Capital Group," added William "Pete" Pike, founder of Pike Family Nurseries. "Our loyal employees, customers and suppliers can rest assured that Pike Family Nurseries will continue to provide the highest quality products and services as we have for two generations." Pike is Roark Capital's fourth acquisition of a multi-unit business and its third acquisition of an Atlanta based company. In 2003, Roark Capital acquired FASTSIGNS Inc., the leading franchisor in the quick service sign industry as well as Money Mailer LLC, the nation's second largest shared mail advertising company with more than 250 franchisees. Roark Capital also owns Carvel Corporation, the leading manufacturer of branded ice cream cakes in the United States and a top producer of premium soft-serve ice cream with over 425 franchised and foodservice locations and 6,500 supermarket outlets. Specific terms of the deal were not disclosed. About Pike Family Nurseries Founded in 1958 by Mr. William "Pete" Pike, Pike Family Nurseries is the largest independent nursery in the Southeast and third largest in the U.S. Pike specializes in the highest quality plants, trees, shrubs, groundcovers, annuals, perennials, planting material and landscape products. Pike is known for its excellent customer service and friendly, knowledgeable staff. For more information about Pike Family Nurseries, please visit www.pikenursery.com . About Roark Capital Group Roark Capital Group is an Atlanta-based private equity firm that acquires majority stakes in franchise, packaging, niche manufacturing, consumer products and service businesses. The firm specializes in transactions with enterprise values of $25-$250 million and targets family-owned businesses, divisions of larger companies or portfolio companies of private equity firms, and going-private transactions of micro-cap public companies. For more information about Roark Capital Group, please visit www.roarkcapital.com . Contact: Barbie Pressly The Inside Pitch (404) 386-7989 firstname.lastname@example.org
SOURCE Roark Capital Group
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