Urban-gro to purchase Emerald Construction Management

LAFAYETTE — Urban-gro Inc (Nasdaq: UGRO), a Lafayette-based controlled-environment agriculture company, has agreed to acquire Centennial-based Emerald Construction for $7 million.

Urban-gro, which produces indoor cultivation equipment for food and cannabis production, will acquire Emerald C.M. to expand its fully integrated design-build services. Emerald C.M. CEO and president Christopher Cullens cited demand for mid-size controlled environment agriculture as part of the motivation behind the deal.

“There is a gap in the global CEA industry, more specifically with the design build of indoor mid-sized CEA facilities, and we now have the ideal solution to fill it,” Cullens said in a statement.

Urban-gro chairman and CEO Bradley Nattrass referenced the company’s growth and future plans as another driving force behind the purchase.

“Coupled with our strong balance sheet and positive cash flow, we are in an ideal position to build upon our momentum in the global CEA industry while simultaneously enhancing shareholder value,” Nattrass said in a statement.

Shares for Urban-gro closed up 3%, at $9.88, after news of the purchase.

on Facebook on LinkedIn