Seagroatt purchased its stake in Floral GroupPangea under the umbrella of International Floral Distributors Inc., a marketing company headquartered in Richmond, Ind. The 25 companies that make International Floral each own 4 percent of Pangea, which operates a flower growing farm and also buys from other South American growers and consolidates their shipments.

Shawn Seagroatt, Seagroatt Riccardi’s vice president, declined to disclose the price he paid. He also declined to disclose Seagroatt’s annual revenue, but said he expected the purchase to increase sales by 10 percent.

Ownership in the farm means that International Floral members control all the components of the flower growing and distribution chain, Seagroatt said, which means they save time and money by cutting out the exporter.

Seagroatt Riccardi employs 103 people and distributes flowers to 700 customers, mostly traditional florist shops, throughout the Northeast.

Seagroatt Riccardi, formed in 1988, is not connected to Seagroatt Floral Co., which grows roses in Berlin, N.Y. That business is a separate entity, Seagroatt said.

source : www.hortinews.com