Paramount-based Field 16, a maker of plant nutrients used in the cannabis industry, was acquired by hydroponics equipment and supplies giant Hydrofarm Holdings Group Inc. for $78.1 million in cash and debt.

It's the first acquisition by Fairless Hills, Pa.-based Hydrofarm, which has a $2.1 billion market capitalization, since going public in December.

The transaction is expected to close in May.

Field 16 manufactures and distributes Heavy 16, a line of plant nutrients designed to boost the yield and quality of crops. The nutrients are a staple in most commercial cannabis growing operations, and the company's products are sold in more than 300 retail stores.

After the transaction is completed, Heavy 16 Chief Executive Aaron Berkowitz will join Hydrofarm’s senior management. In addition, Heavy 16 Founder and Chief Agronomist Bryce Patterson will continue to work alongside Berkowitz, focusing on research and development, customer experience and integration efforts.

“A key component of our growth strategy is to bring dynamic brands like Heavy 16 under the Hydrofarm umbrella and continue to solidify our position as the acquirer of choice in this highly fragmented and fast-growing industry,” said Bill Toler, chairman and chief executive officer of Hydrofarm.

Hydrofarm, formerly headquartered in Petaluma, Calif., plans to fund the $78.1 million acquisition with a combination of cash, the company’s existing line of credit, and $15 million in newly issued Hydrofarm stock. The Heavy 16 business is expected to generate roughly $23 million in sales in 2021.