Key Takeaways
- • TruGreen, the U.S. lawn care provider with more than 300 locations across the United States and Canada and over 12,000 employees, has been acquired by Birch Hill Equity Partners, a Toronto-based Canadian mid-market private equity firm, according to a PR Newswire announcement.
- • The transaction ends a 19-year relationship between TruGreen and Clayton, Dubilier & Rice (CD&R), which had supported the company through growth and evolution.
- • Birch Hill, which manages over $6 billion in AUM and has invested in 74 portfolio companies since 1994, brings experience owning and operating route-based service businesses.
- • Kurt Kane, President and CEO of TruGreen, said the company will continue its strategy focused on operational excellence, customer satisfaction, and sustainable growth.
- • Goldman Sachs advised TruGreen and CD&R as exclusive financial advisor; William Blair and TD Securities advised Birch Hill. The announcement did not disclose deal value.
Summary
TruGreen announced that it has been acquired by Birch Hill Equity Partners, a Canadian private equity firm, according to a PR Newswire release. The deal concludes TruGreen's 19-year relationship with Clayton, Dubilier & Rice (CD&R), which the company credits with helping it grow into the industry leader it is today and developing a roadmap for future growth.
The company, founded in 1973, provides lawn, tree and shrub, and pest services and operates more than 300 locations across the United States and Canada, with more than 12,000 employees. Per the release, Birch Hill has deep experience owning and operating route-based service businesses, and TruGreen expects to continue executing its long-term strategy centered on operational excellence, customer satisfaction, and sustainable growth under the new ownership.
CEO Kurt Kane said the partnership with Birch Hill would help the company build on its foundation toward its stated vision of becoming the best, fastest-growing and most valuable lawn care company in the world. He emphasized that the company's focus remains on its team members, customers, and delivering pro-level lawns.
Birch Hill is a mid-market firm based in Toronto with over $6 billion in assets under management. Since 1994 it has made 74 portfolio investments, 60 of which have been fully realized. Its 14 current partner companies collectively generate over $9 billion in revenue and employ more than 40,000 people.
Goldman Sachs served as exclusive financial advisor to TruGreen and CD&R, with Debevoise as legal counsel. William Blair and TD Securities advised Birch Hill, and Paul Weiss and Davies served as its legal counsel. The release did not disclose the purchase price.
The company, founded in 1973, provides lawn, tree and shrub, and pest services and operates more than 300 locations across the United States and Canada, with more than 12,000 employees. Per the release, Birch Hill has deep experience owning and operating route-based service businesses, and TruGreen expects to continue executing its long-term strategy centered on operational excellence, customer satisfaction, and sustainable growth under the new ownership.
CEO Kurt Kane said the partnership with Birch Hill would help the company build on its foundation toward its stated vision of becoming the best, fastest-growing and most valuable lawn care company in the world. He emphasized that the company's focus remains on its team members, customers, and delivering pro-level lawns.
Birch Hill is a mid-market firm based in Toronto with over $6 billion in assets under management. Since 1994 it has made 74 portfolio investments, 60 of which have been fully realized. Its 14 current partner companies collectively generate over $9 billion in revenue and employ more than 40,000 people.
Goldman Sachs served as exclusive financial advisor to TruGreen and CD&R, with Debevoise as legal counsel. William Blair and TD Securities advised Birch Hill, and Paul Weiss and Davies served as its legal counsel. The release did not disclose the purchase price.
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