Costa Farms acquires First Foliage

Costa Farms has acquired the assets and business of First Foliage in Homestead, Fla. The combined entity will be the industry’s leading supplier of indoor houseplants and blooming patio plants in the U.S. Costa Farms is working to ensure a seamless transition for customers and a smooth changeover for employees and will continue production at the newly acquired sites throughout south Florida.
“With over 2,000 acres of production capabilities in south Florida, Costa Farms will offer an unparalleled selection of quality plants at the most competitive price available,” said chief executive officer Jose Smith.
 “We look forward to continuing to provide customers with the highest quality plants in the industry,” chief executive officer Jose Smith said.
First Foliage filed for Chapter 11 bankruptcy on June 23, 2010, in the U.S. Bankruptcy Court in the Southern District of Florida (Miami). The company declared $51.7 million in assets and $33.4 million in liabilities.
South Florida Business Journal reported that a Feb. 7 auction Costa Farms bid $15.7 million, which was slightly higher than the stalking-horse bid of $13.5 million by BFN Growers LLC, an affiliate of Insight Equity in Southlake, Texas.