Harry & David to sell Jackson & Perkins

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Harry & David Holdings Inc. has agreed to sell its Jackson & Perkins floral and gardening brand to two unaffiliated buyers for an aggregate of $49 million.

Jackson & Perkins was founded in 1872 and is the nation's largest marketer of premium rose plants. The company generated sales of approximately $74 million over the past 12 months.

Harry & David, Medford, OR, moved to divest the brand after deciding that it did not fit with the company's long-term goals. It now plans to focus on its core business of marketing premium gift-quality fruit and gourmet food products.

The direct marketing and wholesale business is being acquired by an investment group led by Donald and Glenda Hachenberger, who own several businesses in the horticultural industry, including Southern Sun, a technology company involved in plant propagation. This portion of the deal includes the Jackson & Perkins brand, catalog, e-commerce Web site and associated inventory as well as its direct marketing and wholesale customer lists. A private investment group in California will purchase approximately 3,200 acres in Wasco, CA, and associated buildings and equipment.

Harry & David has agreed to provide certain direct marketing operational services and rose fulfillment through the end of June 2008, certain transactional services through the end of June 2007 and certain wholesale operational services during 2007.

Both transactions are expected to close in Harry & David's fourth fiscal quarter ending June 30.

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