Monterey Peninsula Horticulture subsidiary has won bid on Chapter 11 wholesale flower retailer.
The U.S. Bankruptcy Court recently approved Floramoda Inc.'s purchase of certain assets of Nurserymen's Exchange.
The Floramoda purchase provides financial stability and security for Nurserymen's Exchange and its employees, enabling Nurserymen's Exchange to move forward with certainty in the future of the company.
Nurserymen's Exchange and Floramoda are an ideal pairing, with great synergy existing among their products, customer base and business values. The new relationship is seen by both sides to be an exciting beginning to a mutually beneficial arrangement.
Nurserymen's Exchange, headquartered in Half Moon Bay, Calif., began in 1941 and is one of the country's largest wholesalers of indoor blooming plants, specialty foliage and packaged plants. In addition to their 5.5 million square feet of greenhouse growing space, the purchase will make Monterey Peninsula Horticulture the third largest grower in the country.
Monterey Peninsula Horticulture, based in Salinas, Calif., was founded in 1981 and currently has three subsidiaries: Rocket Farms, Growers Transplanting and Floramoda.