Scotts Miracle-Gro Sells Stake in TruGreen to Focus on L&G

Scotts Miracle-Gro just sold its 30 percent stake in TruGreen to the majority owner for approximately $234 million to retire debt and focus on its lawn and garden business. In addition to the sale, Scotts received $18.4 million cash from moving the joint venture's debt to a third party.

The combined proceeds, approximately $120 to 140 million on an after-tax basis, will immediately be applied to reduce the company's debt, which stood at $2.19 billion as of December 31, 2018, according to the company's quarterly report. In 2016, Scotts contributed its wholly owned subsidiary, Scotts LawnService, into a joint venture with TruGreen.