Investment firm Platinum Equity has agreed to sell Orbit Irrigation, the designer and builder of watering equipment and water-optimization products, to Husqvarna Group. The transaction, valued at approximately $480 million, is expected to close by the end of 2021. Orbit will become part of Husqvarna Group’s Gardena Division.
Based in Salt Lake City, Utah, Orbit has approximately 300 employees and generates more than 95 percent of its revenues in North America. The company’s products include watering equipment sold through retail, garden centers, e-commerce and professional channels. In addition, the company’s B-hyve smart products are designed to help consumers conserve water, promote plant health and save money.
Since Platinum Equity’s acquisition of Orbit in early 2019, the total number of B-hyve connected devices has increased from approximately 220,000 in 2019 to more than 1.4 million today, the company reports.
“Platinum helped Orbit transform from a traditional consumer goods company into an innovative technology provider,” says Orbit CEO Stuart Eyring. “They also helped us put the systems and infrastructure in place to facilitate our growth and transition to a true market leader. Today, we are well prepared to join forces with Husqvarna Group’s Gardena Division, one of the world’s leading innovative gardening product brands.”
Platinum Equity recently completed its acquisition of Oregon Tool.