Hines Growers to sell nurseries to Color Spot

Hines Growers LLC, headquartered in Laguna Hills, Calif., has signed a letter of intent to sell assets from its Fresno, Calif., Chino Valley, Ariz., and Fulshear, Texas, nurseries to Color Spot, a grower of annuals, perennials, tropicals, herbs and vegetables. Color Spot is headquartered in Fallbrook, Calif., and has production facilities in California and Texas.
Hines CEO Steve Thigpen said the transaction allows Hines to rebuild and expand its position in its western nurseries by increasing production at its California and Oregon locations.
Hines will own and operate the three nurseries until they are closed in June. At that time Color Spot will purchase the assets of the three facilities and lease the land from Hines.
Hines will continue to serve its customers nationwide from its nurseries in Fallbrook and Winters, Calif., and Forest Grove, Ore.
Color Spot will develop their own programs at the Chino Valley and Fulshear locations. Thigpen said each of the leased facilities has the capacity for significant business growth.