Chicago-based middle market private equity firm CIVC Partners has acquired Yellowstone Landscape Group, in partnership with the company’s management team, from Gridiron Capital which acquired the company in April 2008. Gridiron will retain a minority ownership interest in Yellowstone.
Yellowstone, through its subsidiaries Austin Outdoor and BIO, provides commercial landscape maintenance and installation services to more than 1,500 homeowners’ associations, corporate office campuses, resorts, and municipalities throughout the Southeast US and Texas. Landscape maintenance services include mowing, detailing, irrigation, and turf management as well as arbor care, design and installation services. The company is headquartered in Bunnell, FL and has 16 branches across Texas, Florida, Georgia, and South Carolina (www.yellowstonelandscape.com).
“Yellowstone is one of the few operators of scale in a highly attractive industry defined by recurring revenue, limited cyclicality, and a fragmented base of small competitors,” said John Compall, a Partner at CIVC.”
CIVC was previously an investor in The Brickman Group, one of the largest commercial landscaping firms in the country. CIVC exited its investment in Brickman in 2006.
“We are thrilled to be partnering with a CIVC team that enthusiastically supports our strategy for Yellowstone. CIVC has been an active investor in the landscape maintenance industry for nearly two decades and brings an unmatched track record of partnering with management teams to rapidly grow businesses in service industries,” said Yellowstone CEO, Tim Portland. “Based on their past experiences, we expect CIVC to be an excellent partner for us as we execute on our business strategies.”
CIVC invests from $15 million to $85 million in middle-market companies that have at least $5 million of EBITDA. Sectors of interest include business services and financial services. CIVC currently manages over $1.5 billion in capital and is investing out of CIVC Partners Fund IV. The firm is based in Chicago (www.civc.com).
Harris Williams & Co. served as the financial advisor to Yellowstone and Moore & Van Allen served as its legal advisor. Kirkland & Ellis served as legal advisor to CIVC.
© 2015 PEPD • Private Equity’s Leading News Magazine • 1-13-15