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[GWL]: Gardens Alive Buys Foster & Gallagher

This is from the Peoria Journal Star.

Secured lenders to get $10.75 million

September 20, 2001

By CLARE HOWARD
of the Journal Star


PEORIA - The last hope for restoration of Foster & Gallagher Inc. in Peoria
ended Wednesday in a Delaware bankruptcy court.

A bankruptcy judge approved a $10.75 million bid for the horticulture
division.

The approved offer was from Gardens Alive Inc., of Lawrenceburg, Ind., an
organic gardening products firm. No one at Gardens Alive could be reached
for comment.

A former Foster & Gallagher executive, Walt Deerhing of Peoria, had
expressed his intent to purchase the horticulture division and restore the
Peoria jobs, including those that had earlier been moved to Grand Rapids,
Mich.

Deerhing and Peoria businessman Lee Graves spearheaded a group of
Peoria-area investors called ELM Investments that was one of the original
bidders for the company during an auction Sept. 11 in Chicago.

Reached Wednesday, Deehring said he was not at liberty to discuss the final
auction.

Doug Morris, spokesman for Foster & Gallagher, said the Peoria property on
Galena Road was not included in the sale.

Gardens Alive purchased the bulk of Foster & Gallagher's horticulture
division, including Spring Hill, Stark Brothers, Michigan Bulb, Gurney's and
Henry Fields.

"Peoria is essentially a call center and support staff. It was not part of
this sale," Morris said, adding the Peoria offices, with just a skeleton
staff remaining, will close and the property will remain on the market.

"No jobs will be reinstated in Peoria," he said.

Morris said Gardens Alive has indicated it will restart the divisions under
their original names. The winning bid included the purchase of inventory,
equipment, intellectual properties and real estate in the horticulture
division.

The sale is expected to close within weeks.

Morris said proceeds of the sale will be distributed in accordance with
bankruptcy law, with preference given to secured lenders.

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