Easy Gardener closes asset sale, changes name to EGI Liquidating

New York, June 21 - Easy Gardener Products, Ltd. said it completed the sale of all its assets to Bayside Capital's Green Thumb Acquisition Corp. for $58,797,023.46 and changed its name.

The price is $23.5 million plus principal and interest owed to senior secured revolving and term lenders minus fees.

Bayside Capital is an affiliate of H.I.G. Capital, an investment firm that manages more than $2.5 billion in invested capital and has invested in over 40 portfolio companies.

Easy Gardener sold all its assets and its wholly owned subsidiaries Weatherly Consumer Products Group, Inc. and Weatherly Consumer Products, Inc.

Proceeds were used to repay all principal and unpaid interest due on Easy Gardner's senior secured revolving and term loans.

The $23.5 million balance of the purchase price will be used to pay the $4.725 million principal amount plus $1.0 million of accrued interest owed on two subordinated promissory notes and transaction and other fees estimated at $3.1 million to $4.3 million.

The remaining $13.9 million to $15.1 million will be distributed to holders of the company's 9.40% cumulative preferred trust securities due April 15, 2028, which will work out at $5.75 to $6.25 per trust preferred share.

Equity holders will receive nothing.

Easy Gardener said it has changed its name to EGI Liquidating Co., Ltd.

Easy Gardener, a Waco, Texas-based manufacturer and marketer of consumer lawn and garden products, filed for bankruptcy on April 19. Its Chapter 11 case number is 06-10396.

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