Jackson and Perkins Assets Fetch $49 Million

Harry and David Operations Corp. has reached an agreement to sell its Jackson and Perkins gardening catalog, consumer and wholesale customer lists, Web site and associated inventory for $49 million, of which $46 million is payable in cash when the deal closes before June 30. This includes 3,200 acres of land, buildings and equipment located in Wasco, CA.

Jackson and Perkins will be acquired by a private investment group lead by Donald and Glenda Hachenberger. Harry and David will provide direct marketing, rose fulfillment, horticultural and other transition services through June 2008.

"The decision to divest Jackson and Perkins was made only after careful consideration of its strategic fit with our core gift and gourmet food businesses," said in a statement Bill Williams, president and CEO of Harry and David.