Centre Partners has joined with independent sponsor LP First Capital to form United Land Services Holdings to consolidate the landscape services sector.
United Land Services (ULS) has completed its first five acquisitions with the buys of United Landscapes, Blandford Turf, Tree World, O’Hara and River Region Sports Fields. These acquisitions give ULS operations in three cities in Florida (Jacksonville, Orlando and Port. St. Lucie) and two in Alabama (Birmingham and Montgomery). According to the company, it is now the 5th largest landscape platform in the Southeast.
ULS provides a range of services including landscape design and installation, commercial property maintenance, sod installation, tree and plant nursery, and other specialty services. Jacksonville, Florida-headquartered ULS is led by CEO Bob Blandford who founded both United Landscapes and Blandford Turf.
“Centre is an excellent partner for ULS given its long track record of successfully collaborating with founders and entrepreneurs to scale their businesses,” said Mr. Blandford. “Centre and LP First’s financial and strategic resources will enable us to accelerate our growth trajectory, expand our service capabilities and strengthen our market leadership, allowing us to better serve our customers.”
“Centre is excited to partner with LP First, Bob Blandford and the ULS team,” said Jeff Bartoli, a partner of Centre Partners. “The company is well-positioned to capitalize on favorable industry tailwinds driving increased demand for landscaping services in the Southeast. We look forward to expanding the platform through strategic acquisitions across the region.”
Austin-based LP First invests from $5 million to $20 million in companies that have from $1 million to $20 million in EBITDA. Sectors of interest include healthcare, education, landscape services, and business services. The firm, led by managing directors Thomas Ince and Gabe Schrade, invests both majority and minority equity as well as mezzanine debt.
“We are thrilled to partner with Centre and Bob to execute United Land Service’s multi-faceted growth strategy and build on the strong foundation Bob and his team have established,” said Mr. Ince. “Bob’s passion, strategic vision and commitment will be instrumental as we scale the business and build the leading landscaping services platform in the Southeast.”
Centre Partners invests from $15 million to $40 million in North American based middle-market companies that have $30 million to $300 million in revenue and $5 million to $40 million in EBITDA. Sectors of interest include branded and private label consumer, and healthcare. Centre Partners was founded in 1986 and has offices in New York and Los Angeles.
© 2020 Private Equity Professional | November 4, 2020