Winter Harbor LLC

Gardener's Supply Company


Gardener’s Supply Company is a direct-to-consumer retailer specializing in gardening supplies, equipment and environmentally-friendly gardening products with $70 million in annual sales. They are a 100% employee-owned company, located in Burlington, VT.


The senior lender of Gardener’s Supply Company required assistance with developing a comprehensive business assessment of the Company, as they prepared new financing arrangements for their client. Gardener’s Supply had recently invested significant resources in developing a website and electronic catalog, surpassing what was budgeted, and violating terms of their covenant. Their lender was concerned that the Company wouldn’t be able to achieve its achieve its projected forecast, and would continue to violate its covenant agreement.

Scope of Work

Consultation services related to the lender’s financing arrangements were requested of Winter Harbor.

  • Evaluated and analyzed Gardener’s Supply financial forecast, detailing underlying assumptions and assessing the viability of their forecast.

  • Closely reviewed major drivers versus historical trends in relation to their operating results.

  • Assessed their current year marketing plan and budget requirements.

  • Tested the impact of deviations from the Company’s forecast and the resulting impact on their financial performance.

  • Monitored online and catalog sales and their effect on future cash flows.

  • Reviewed sales by business unit and geographic region.

Engagement Outcome

Our assessment was presented with Gardener’s Supply to their lender. After careful review, the lender agreed to issue a covenant waiver to Gardener’s Supply.