UPDATE: John Deere Sells Majority Interest in Landscapes Business

Deere & Company has announced the close on the sale of a majority interest in John Deere Landscapes to Clayton, Dubilier & Rice (CD&R), a highly respected private investment firm. The transaction will create a new, freestanding enterprise jointly owned by Deere and CD&R.

According to David Werning, CEO of John Deere Landscapes, “CD&R has been interested in John Deere Landscapes for quite some time, and the firm’s focus on growth and deep experience with businesses like ours make the firm an ideal partner. Deere’s ongoing equity ownership reflects its strong interest in remaining part of a successful landscapes distribution business. We look forward to the future and executing on an aggressive growth plan.”

John Deere Landscapes says it is the nation’s leading supplier of wholesale irrigation, landscape lighting, nursery, and turf and maintenance supplies for green industry contractors. Dedicated to becoming the distributor of choice for landscape, irrigation and turf care professionals, John Deere Landscapes also offers additional services that support the core businesses of green industry contractors.

Posted on November 4, 2013 – Deere & Company (NYSE: DE) has agreed to sell a majority interest in its landscapes business to the private equity investment firm of Clayton, Dubilier & Rice, LLC. John Deere Landscapes has been included in Deere's agriculture and turf segment. As a result of the transaction, Deere will receive approximately $300 million in cash and will initially retain a 40% equity interest in the business.

"This partial sale allows Deere an opportunity to remain as part of a successful landscapes distribution business," said James Field, president of Deere's Worldwide Agriculture & Turf Division. "At the same time, Deere will continue to increase its own strategic focus on the global growth businesses in agriculture and construction and the complementary businesses in turf and forestry. "

Read the whole story from The Wall Street Journal