BAREFOOT ANNOUNCES ACQUISITIONS
BAREFOOT ANNOUNCES ACQUISITIONS WORTHINGTON, Ohio, Jan. 6 /PRNewswire/ -- Barefoot Inc.
(NASDAQ-NMS: BARE) said today its wholly owned subsidiary, Barefoot Grass Lawn Service, Inc., has acquired lawn care businesses with operations in Cleveland, Akron, Canton and Wooster, Ohio, for approximately $2,600,000 in cash and notes. The acquired businesses generated approximately $3,400,000 in customer service revenues in their 1991 fiscal years. The acquisitions include certain lawn care assets of Lawnmark located in these cities and the Barefoot Grass Lawn Service franchise located in Canton, Ohio.
Barefoot Inc. also announced an agreement to acquire the lawn care operations of branchises located in Ft. Lauderdale, Fla.; Long Island, N.Y.; Boston, Mass.; and Harrisburg, Pa. Branchises are franchises operated by Barefoot under management agreements. The purchase price for the branchises is expected to be about $1 million, plus assumed liabilities of approximately $1 million. The branchises had revenues of almost $3,200,000 in 1991. The acquisitions are pursuant to option agreements Barefoot has with the branchises and are expected to be completed on March 1, 1992. Patrick J. Norton, president and chief executive officer, said the acquisitions are in line with Barefoot's strategy of acquiring branchises that can provide profitable future growth and making strategic acquisitions of other lawn care businesses in cities in or near existing Barefoot markets where operating efficiencies can be achieved. Barefoot Inc. reported net customer service revenues of $35 million for its fiscal year ended March 31, 1991, and $27,400,000 for the six month period ended Sept. 30, 1991. The initial public offering of the company's common stock was completed on Oct. 23, 1991. Headquartered in Worthington, Barefoot Inc. is one of the nation's leading professional lawn care service companies. Operating through its wholly owned subsidiary, Barefoot Grass Lawn Service, Inc., it provided residential lawn care services through periodic applications of fertilizer and control products in 1991 to approximately 280,000 customers in 61 metropolitan markets, primarily in the Central and Eastern United States. Of these markets, 21 are served by company-owned branches, 30 by franchises and 10 by branchises. -0- 1/6/92 /CONTACT: Michael R. Goodrich, chief financial officer of Barefoot, 614-846-1800/ (BARE) CO: Barefoot Inc. ST: Ohio IN: HOU SU: TNM
GK-TS -- NY020 -- 6799 01/06/92 10:03 EST
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|Date:||Jan 6, 1992|
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