Floramoda Finalizes Nurserymen's Exchange Acquisition
Floramoda, Inc., a subsidiary of Monterey Peninsula Horticulture, Inc., has finalized the purchase of the operating business and accompanying assets of Nurserymen’s Exchange, Inc.Floramoda, Inc., a subsidiary of Monterey Peninsula Horticulture, Inc. (MPH), has finalized the purchase of the operating business and accompanying assets of Nurserymen’s Exchange, Inc. (NEI).
NEI is a leading wholesaler of indoor potted blooming plants, specialty foliage, and edible plants in the U.S. that markets under the BloomRite brand. Nurserymen’s Exchange will continue to operate under that name at its existing location.
“In combining the best creative and distribution strengths of our organizations, the new operating group will become the third largest greenhouse grower in the industry,” says Charles Kosmont, CEO of MPH. “The acquisition allows us to preserve the long vendor and customer relationships NEI has developed over 70 years under a strategic partner with a strong financial foundation. NEI has excellent employees whose sales and marketing strengths are widely respected. By optimizing our strengths, we intend to develop a ‘one-stop’ solution experience and new product opportunities for the benefit of customers and vendors alike.”
The company also announced its plans to introduce an institute for the advancement of floriculture worldwide. The new organization, preliminarily titled the Institute for Floriculture Innovation – A Global Consortium, is designed to bring the best minds together from multiple industries and academia, including horticulture, food, fashion, and design to drive innovation throughout the entire indoor potted blooming plant arena. During the next nine months, Kosmont and his team will seek to attract participants from across the globe and at all levels.
“By establishing the Institute for Floriculture Innovation, we can create a common ground on which the industry can build for the future. Our intent is to work broadly to reach the best minds in our industry regardless of size. We are aiming to be inclusive rather than exclusive. The new consortium should result in implementable ideas that revitalize floriculture as we know it while it serves as an incubator for the next generation," Kosmont says.
Focusing internally, Kosmont also announced today that Justin Dautoff, former chief operating officer of NEI, will serve as president of the new Nurserymen’s Exchange. “We’re looking forward to working with Charles’ team as we develop the best mix of products and merchandising,” Dautoff notes. “Our people are steadfast and knowledgeable and should be an important asset to MPH for years to come. This is the best outcome to allow us to continue to serve our customers and provide business to the vendors who have been so supportive over the years.”
Floramoda has retained NEI’s 141 ongoing employees. Sales and purchasing teams are reaching out to customers and vendors immediately to confirm their support going forward.
The remaining assets of Nurserymen’s Exchange, Inc. remain under Chapter 11 protection and will be identified under the name Tally One, Inc.