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John Reitman

By John Reitman

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Equity firm to buy John Deere Landscapes

47b3fee39268c42c5d9288d55ba39433-.jpgDeere and Co. announced plans to sell a majority share of its John Deere Landscapes division to private, New York City-based equity firm Clayton, Dubilier and Rice.

The deal is worth a reported $465 million, including $300 million in cash, and Deere will retain a 40 percent share in the business, which is a division of the companys ag and turf segment.

Formed in 2001, John Deere Landscapes provides landscape supplies and irrigation equipment to the turf and landscape markets. John Deere Landscapes has more than 2,000 employees at 400 company-owned outlets spread across 41 states.

The move follows other similar sell-offs of Deere divisions and affirms the companys focus on its ag and turf and its construction divisions.

The Moline, Ill.-based company sold its wind energy division to Exelon Corp. in 2010 for $900 million.

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