Scotts names new executive VP
Marysville, Ohio-based The Scotts Miracle-Gro Company named Ivan Smith executive VP, general counsel and corporate secretary. The 10-year company veteran replaces former executive VP Vincent Brockman, who resigned to pursue other interests, the company said.
"Ivan possesses tremendous legal knowledge and experience and has been a strong leader throughout his career," said Jim Hagedorn, chairman and CEO. "His sound judgment and business acumen will serve ScottsMiracle-Gro well in the years to come."
In his new position, Smith has overall leadership responsibility for the company’s global legal function and activities. Since 2009, he has served as assistant general counsel and vice president. In this role, Smith provided counsel for the Company’s Global Consumer segment. Smith joined ScottsMiracle-Gro in 2003 as associate general counsel and director of litigation.
"Ivan is highly regarded by our operators for his extensive knowledge of the business," said Barry Sanders, president and chief operating officer. "They rely on his counsel on all aspects of operations, including major transactions, partnerships and sales and marketing activities."
Prior to joining the Company, Smith was a litigator with the international law firm Jones Day. He received a bachelor’s degree from Miami University and received his Juris Doctorate degree from The Ohio State University.
Hagedorn also thanked the outgoing Brockman for his contributions.
The recapitalization of Jacuzzi Brands
Jacuzzi Brands LLC announced the completion of its financial recapitalization on Tuesday, a move aimed at reducing its debt burden and freeing up liquidity to take advantage of the improving economic outlook.
The transaction has reduced Jacuzzi’s debt by about $124 million and extended the maturity dates of its loans to 2018 and beyond, made possible by a new ABL facility of $35 million (undrawn at close) and a new term loan in place of $80 million.
Jacuzzi’s primary equity sponsors, Ares Management, Apollo Global Management and Clearlake Capital Group, all lent a hand in converting debt to additional equity.
"The willingness of our sponsors to take a larger equity position in the company puts us in a strong position to capitalize on the improving global economy," said Bob Rowan, president and CEO of Jacuzzi Brands. "This transaction would not be possible without the continued support of our employees, dealers and suppliers who all believe in the tremendous growth potential of our portfolio companies and brands."