Pacific Avenue Capital Partners has confirmed it has acquired Oldcastle Lawn & Garden from CRH and has outlined its next steps for the venture.
The transaction, which has been valued at $US1.1 billion, is part of a definitive agreement between the two companies. Upon closing, Oldcastle Lawn & Garden will operate as a standalone company under a new name, GardenCore. Pacific Avenue has outlined its plans for GardenCore to expand through greenfield development and acquisitions as well as product lines.
“We are excited to partner with GardenCore and welcome the business into the Pacific Avenue portfolio. This investment underscores our commitment to executing complex carve-outs of scale to acquire market-leading businesses while being the go-to partner for corporate sellers. It also represents our first transaction that exceeds $1.1 billion in enterprise value,” Pacific Avenue Capital Partners founder and managing partner Chris Sznewajs said.
“We look forward to working closely with the management team to execute our strategic plan and pursue add-on M&A opportunities to drive above-market growth and long-term platform enhancement. GardenCore is a clear category leader with a national footprint, strong market positions, and a differentiated offering. The business is well-positioned to capitalise on attractive market growth opportunities across its core product categories.”
The deal is expected to close in May 2026 and is subject to customary closing conditions.
It follows Pacific Avenue’s acquisition of FLSmidth Cement in 2025.
