Griffin Greenhouse Supplies, a third-generation, family-owned horticultural distributor and live goods broker, has been named the stalking horse bidder for assets associated with BFG Supply, which declared Chapter 11 bankruptcy in August.
A stalking horse bidder establishes an initial offer or framework for the sale of assets, providing a basis from which the assets can be evaluated, and the transaction process can move forward. In this role, Griffin is evaluating warehouses, inventory and other holdings from BFG to identify opportunities that could enhance its ability to serve both current and future customers, the company said in a news release.
“We are approaching this opportunity thoughtfully and with a long-term view of where Griffin can make the greatest impact,” said Andrew Barry, managing director at Griffin Greenhouse Supplies. “We’re evaluating how these assets could complement our existing capabilities, expand our ability to serve customers and create new opportunities for our people and partners.”
BFG Supply Co., LLC is planning to sell substantially all of its assets at auction, according to court documents from the U.S. Bankruptcy Court for the District of Delaware.
On Sept. 14, the court approved bidding procedures and set parameters for the auction. The deadline for bids is Oct. 2, and the auction will take place Oct. 6. There will be a sale hearing Oct. 14, and the deadline to consummate an approved sale is Oct. 22.
The court also authorized the designation of one or more stalking horse bidders by Sept. 28 with break-up fees capped at 3%.
A “stalking horse bid” is a binding offer to purchase some or all of the assets of a bankrupt or distressed company, contingent upon no other interested buyers placing higher bids once the auction begins. The term “stalking horse” is borrowed from hunters, and it was used to describe a scenario when hunters would hide behind their horses as they moved closer to the prey.
These bids are made by pre-approved buyers and set the baseline price so other bidders know the minimum bid that would be necessary to be competitive in the auction.
A break-up fee, typically 1% to 3% of the final purchase price, is usually paid to the stalking horse bidder if another bidder wins the auction.
BFG Supply Co. filed for Chapter 11 bankruptcy Aug. 18. Seventeen entities under the BFG brand were named in the filing, including DeCloet Greenhouse Manufacturing Ltd., Green-Tek LLC, L&L Nursery Supply, Inc. and Gard’N-Wise Distributors, Inc.
BFG served as one of the largest independent wholesale horticulture suppliers, with 15 locations and more than 1.5 million square feet of warehouse space. Before its Chapter 11 filing, the company employed 461 workers in the U.S. and Canada.
The court entered the bidding procedures order on Sept. 14, granting the bidding procedures relief sought in the Aug. 18 sale motion.
SSG Advisors, LLC is the investment banker that will field requests and receive bids. SSG has been conducting a marketing and sale process for the debtors’ businesses and assets on a going-concern basis.
The auction will be held Oct. 6, 2026, at 10 a.m. ET at the Wilmington, Delaware, offices of Cole Schotz, a law firm specializing in bankruptcy and corporate restructuring that has been serving as BFG's counsel. The auction could also take place virtually. However, it will only take place if the debtors receive more than one qualified bid, including a combination of bids that together constitute a qualified bid.
If the stalking horse bid is the only qualified bid, the debtors will cancel the auction and seek approval of that bid at the sale hearing, publishing a cancellation notice identifying the successful bidder and its terms on the Epiq case website within one day of the determination.
Over the next few weeks, in preparation for a targeted transaction date of Oct. 22, 2026, Griffin will evaluate more than the assets themselves. The company will also consider how the opportunity could shape its future operations, with a particular focus on facilities in Grand Rapids and Kalamazoo, Michigan; St. Paul, Minnesota; Denver, Colorado; and Fife, Washington.
Griffin anticipates adding more than 90 new team members in connection with its continued growth, with approximately 30 already onboard. The expanded team will support sales, customer service, operations, purchasing and other functions.
“Our people are ultimately what allow us to serve our customers,” Barry said. “As we evaluate this opportunity, we’re focused on making the investments necessary to support our customers and our team for the long term.”