Sheppard represented ThinkEquity LLC, a boutique investment bank, as sole placement agent and advisor to Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM) in connection with Hydrofarm’s approximately $8.3 million registered direct offering and concurrent private placement. ThinkEquity provides investment banking, equity research, institutional sales, trading, debt capital markets and mergers and acquisitions services to companies across a range of industries.
Hydrofarm is a leading independent manufacturer and distributor of supplies and equipment for controlled environment agriculture. Its portfolio includes plant nutrition, growing media, horticultural lighting and climate-control solutions, as well as proprietary and select partner brands.
The financing was completed in connection with the elimination of Hydrofarm’s $109 million senior secured term loan. The transactions eliminated approximately $12 million in annual debt service, and the company reported that its pro forma stockholders’ equity exceeded the $2.5 million minimum required under Nasdaq’s Equity Rule.
The Sheppard team that advised ThinkEquity was led by Sean Reid and Michael Blane.
Read the full press release here.