Bregal Partners has closed on a new platform investment with the buy of Juniper Landscaping from ZS Fund.
Juniper is a provider of landscaping services to homeowners’ associations, commercial clients and municipalities throughout southern and central Florida. The company is headquartered in Fort Myers and has a network of branches in 10 Florida cities that serve approximately 1,500 properties.
Juniper was founded in 2001 by Mike Duke and today is led by CEO Brandon Duke. Juniper has annual revenues of approximately $100 million and was ranked among the 20 largest landscaping companies in the United States on the 2021 Lawn & Landscape Top 100. ZS Fund acquired Juniper in January 2017 and at that time the company ranked 42nd on the Lawn & Landscape Top 100.
“We are thrilled to be partnering with Brandon and the management team at Juniper,” said Thomas Kearney, a managing director at Bregal. “And are excited to provide them with the support they need to continue to develop Juniper into a best-in-class commercial landscaping company, particularly as it relates to accelerating the company’s acquisition strategy and continuing to be the employer of choice in the markets they serve.”
Twin Brook Capital Partners, as administrative agent, provided debt financing to support Bregal’s acquisition of Juniper. Chicago-based Twin Brook focuses on loans to private equity-owned companies with EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below. The firm targets senior financing opportunities up to $200 million, with hold sizes across the platform ranging from $25 million up to $150 million. Twin Brook’s products include opportunistic investments in second lien, mezzanine, and equity co-investments.
“We are proud to have established Juniper as one of the largest and most reputable providers of commercial landscaping services in Florida and are excited to have selected Bregal as our next financial partner,” said Mr. Duke. “Bregal was an ideal partner for us due to their commitment to growth while fully aligning with Juniper’s mission and employee-centric culture.”
Bregal Partners invests from $20 million to $150 million in companies that have from $5 million to $75 million of EBITDA and are active in the consumer, multi-unit restaurant, food and beverage, and business services sectors. The New York-based firm was founded in 2012 and is part of Bregal Investments, a family of private equity and fund investment vehicles that has invested more than $12.5 billion since 2002.
ZS Fund invests in public and private companies that have annual operating profits from $4 million to $30 million. The firm was founded in 1985 and is headquartered in New York.
Piper Sandler & Co. was the financial advisor to Juniper Landscaping on this transaction.
© 2022 Private Equity Professional | January 21, 2022
