Key Takeaways
- • Comvest Private Equity, a middle-market private equity investment group, has acquired Bland Landscaping through a recapitalization, with the company continuing under its current management team.
- • Kurt Bland remains Chief Executive Officer and Matt Bland remains Chief Financial Officer following the transaction.
- • Citizens served as exclusive financial advisor to Bland Landscaping on its sale to Comvest Partners, while Capstone Partners and TM Capital each advised Comvest Private Equity.
- • Comvest described the investment as exemplifying its approach of backing strong management teams in its core industry verticals.
- • Financial terms of the recapitalization were not disclosed in the sources reviewed.
Summary
Comvest Private Equity announced the recapitalization of Bland Landscaping, an Apex, North Carolina-based landscaping company, in a Business Wire release. Comvest characterized the transaction as consistent with its investment approach of backing strong management teams within its core industry verticals. The company will continue to be led by its current management team, including Kurt Bland, Chief Executive Officer, and Matt Bland, Chief Financial Officer.
Citizens acted as exclusive financial advisor to Bland Landscaping on its sale to Comvest Partners. Capstone Partners served as exclusive financial advisor to Comvest Private Equity on the acquisition, and TM Capital also advised Comvest on the transaction. Prospect Partners had previously announced its own recapitalization of Bland Landscaping, noting the company as its 50th portfolio company overall and the 14th in its current fund, Prospect Partners III. Financial terms were not disclosed in the materials reviewed.
Following the transaction, Bland Landscaping has continued to pursue add-on activity. Comvest reported that its portfolio company Bland Landscaping acquired C.S.S. Landscaping in Jacksonville, Florida, with Bland noting that its partnership with Comvest Private Equity continues to flourish. The timing of that acquisition was not specified in the sources reviewed.
Citizens acted as exclusive financial advisor to Bland Landscaping on its sale to Comvest Partners. Capstone Partners served as exclusive financial advisor to Comvest Private Equity on the acquisition, and TM Capital also advised Comvest on the transaction. Prospect Partners had previously announced its own recapitalization of Bland Landscaping, noting the company as its 50th portfolio company overall and the 14th in its current fund, Prospect Partners III. Financial terms were not disclosed in the materials reviewed.
Following the transaction, Bland Landscaping has continued to pursue add-on activity. Comvest reported that its portfolio company Bland Landscaping acquired C.S.S. Landscaping in Jacksonville, Florida, with Bland noting that its partnership with Comvest Private Equity continues to flourish. The timing of that acquisition was not specified in the sources reviewed.
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