CenterOak Partners has formed a new residential lawn services platform, Turf Masters Lawn Care Services (Turf Masters), and has acquired Turf Masters Lawncare, All Turf Holdings, and Green Group Holdings.
Turf Masters provides recurring lawn, tree, and shrub care services to over 100,000 customers annually. The company’s services include fertilization, seeding, aeration, weed control and exterior pest programs.
Atlanta-headquartered Turf Masters operates 21 branches in 10 states – Georgia (8), Texas (3), North Carolina (2), South Carolina, Colorado, New Mexico, Oklahoma, Missouri, Tennessee, Alabama, and Florida – and plans to grow organically and through add-on acquisitions.
“Turf Masters, All Turf, and Green Group are high performing, leading residential lawn businesses led by strong local management teams focused on best-in-class customer service,” said Jason Sutherland, a co-managing partner of CenterOak. “CenterOak has a long history of partnering with talented teams to support rapid growth in highly fragmented industries. We look forward to expanding the company’s customer base, increasing service offerings, and recruiting additional strong local market leaders to join our new platform.”
The existing owners and management teams of the three acquired companies will continue to be active and have an equity interest in Turf Masters with Andy Kadrich, the founder of Turf Masters Lawncare, leading the company as CEO.
“We are excited to have CenterOak’s resources and experience supporting our family-owned business in this next phase of growth,” said Mr. Kadrich. “With CenterOak’s support, we have an opportunity to scale quickly by investing in our existing markets and by acquiring passionate, talented and customer service-focused operators in the residential lawn services industry.”
Dallas-headquartered CenterOak makes equity investments of $20 million to $150 million in companies with enterprise values of $50 million to $500 million and EBITDA of $5 million to $35 million. Sectors of interest include industrial manufacturing and distribution, business services, and consumer products and services.
CenterOak’s first fund closed in 2016 at its hard cap of $420 million. In April 2021, CenterOak had an oversubscribed and hard cap close of its second fund, CenterOak Equity Fund II LP, at $690 million.
© 2022 Private Equity Professional | August 30, 2022
