Platinum Equity has agreed to sell Orbit Irrigation to Husqvarna Group in a transaction valued at approximately $480 million. Orbit will become part of Husqvarna Group’s Gardena Division.
The transaction is expected to close before the end of 2021, subject to regulatory approval.
Orbit, based in Salt Lake City, Utah, has approximately 300 employees and generates more than 95 percent of its revenues in North America. Orbit’s offerings include irrigation equipment sold through retail, garden centers, e-commerce and professional channels. In addition, the company’s B-hyve suite of smart products helps consumers conserve water and promote plant health.
Platinum Equity acquired Orbit in February 2019.
Expanding Orbit’s B-hyve ecosystem, which is comprised of a comprehensive suite of connected smart water and irrigation management tools, was a core element of the transformation plan developed when Platinum Equity acquired Orbit. By investing in new B-hyve products, app development and continuous innovation, the total number of B-hyve connected devices has increased from approximately 220,000 in 2019 to more than 1.4 million today.
“Platinum helped Orbit transform from a traditional consumer goods company into an innovative technology provider,” said 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.”
In June 2020, Orbit acquired Bond Manufacturing, a manufacturer and distributor of irrigation and garden products, including hose and watering devices.
