Summit Park, a Charlotte-based private equity firm investing in lower middle market consumer, services and industrial growth businesses, is pleased to announce the sale of its portfolio company Fast Growing Trees (“FGT” or the “Company”), the leading e-commerce direct-to-consumer provider of trees, shrubs, and live goods, to Berkshire Partners. Cove Hill Partners will also participate in the transaction as a minority investor.

Summit Park, a Charlotte-based private equity firm investing in lower middle market consumer, services and industrial growth businesses, is pleased to announce the sale of its portfolio company Fast Growing Trees (“FGT” or the “Company”), the leading e-commerce direct-to-consumer provider of trees, shrubs, and live goods, to Berkshire Partners. Cove Hill Partners will also participate in the transaction as a minority investor.

Headquartered in Charlotte, North Carolina, Fast Growing Trees offers the largest selection of live goods through its three branded websites: fastgrowingtrees.com, brighterblooms.com, and plantingtree.com. The Company partners with growers throughout North America to source its products and operates its own nursery where it maintains hundreds of thousands of live plants ready to be shipped directly to its loyal and rapidly growing customer base.

Summit Park invested in Fast Growing Trees in February 2018. Over its three-and-a-half-year ownership period, FGT more than quadrupled revenue and EBITDA. “Our management team led a transformation across multiple facets of the business – including revamping the supply chain, adding sophistication to marketing and customer care, and investing in fulfillment capabilities, which enabled the business to take advantage of a secular shift in how consumers are shopping for live goods,” said Summit Park Principal, Mike York.

Jim Johnson, co-Founding Partner of Summit Park said, “FGT has experienced tremendous growth and has positioned itself as the clear category leader for e-commerce live goods. I am proud of our achievements in partnership with Bob Harris, Adam Smith and the entire FGT team, and we are thrilled with the outcome for Summit Park, our investors, the Zboch family that re-invested alongside us, and the management team who will continue with the business.”

Adam Smith, CEO of Fast Growing Trees, added “It has been a pleasure to work with Summit Park, whose partnership allowed us to successfully build out our leadership team, improve our operations and supply chain, and build our brand in the market through enhanced marketing capabilities. We are excited for our next chapter of growth with our new partners as we continue to build on our success and disrupt traditional channels in our large and rapidly growing category.”

The transaction marks Summit Park’s fourth exit from its second fund, Summit Park II, which had a final closing in April 2015. William Blair & Company LLC acted as financial advisor to Fast Growing Trees and McGuireWoods LLP acted as legal advisor to the Company on the transaction.

About Fast Growing Trees

Fast Growing Trees offers consumers a broad variety of high-quality trees and shrubs through its branded websites: fastgrowingtrees.com, brighterblooms.com, and plantingtree.com. The company provides customers with a best-in-class e-commerce experience and access to more than 1,200 varieties of trees, plants, and shrubs that are available for nationwide home-delivery, typically within three days of placing an order. Fast Growing Trees sources its products from a geographically diverse network of trusted suppliers and has built a reputation in the marketplace for offering high-quality products and superior customer service. The company's differentiated consumer experience is disrupting traditional channels in its large and steadily growing category. For more information, visit www.fastgrowingtrees.com.