Soundcore’s TreeServe Platform Branches Out with Two More Acquisitions

TreeServe, a portfolio company of Soundcore Capital Partners, has closed the acquisition of Dave Leonard Tree Specialists and JL Tree Service.

Soundcore formed TreeServe in March 2025 as a new platform in the tree care services sector and closed its first acquisitions with the purchases of New Jersey-based Princeton Tree Care and Pennsylvania-based Clauser Tree Care. Both of these initial acquisitions provide a range of services including tree trimming and pruning, stump and tree removal, tree cabling and bracing, plant and shrub health care, and emergency and storm response.

At formation, Soundcore’s investment strategy was to expand TreeServe throughout high-growth metropolitan areas across the Northeast, Southeast, and Midwest United States. The acquisitions of Dave Leonard Tree Specialists and JL Tree Service are demonstrative of this strategy.

Dave Leonard Tree Specialists, led by President Ross Raterman and headquartered in Lexington, Kentucky, was founded in 1974 and provides tree pruning and removal, cabling and bracing, pest and disease management, and soil care services.

Fairfax, Virginia-headquartered JL Tree Service specializes in tree pruning and trimming, removals, stump grinding, plant health, emergency storm response, and arborist consulting. The company was founded in 1975 by John Lewett and today is led by his son Sean Lewett. JL Tree serves residential, commercial, municipal, and utility customers in the Washington, D.C. metropolitan area.

“I started this company in 1975 and have worked all my life to make it the best tree company in Northern Virginia. Now as I pass the torch, I look forward to working with TreeServe and Soundcore to make TreeServe the best. My son and the rest of the team here are very happy and honored to continue building the business together,” said John Lewett.

With four acquisitions closed, TreeServe, headquartered in Jacksonville, Florida, and led by CEO Cheri Michaels, now provides residential and commercial tree care services to customers across Central New Jersey, Southeastern Pennsylvania, Central Kentucky, Northern Virginia, and Washington, D.C.

“Dave Leonard and JL Tree have long been trusted names with deep roots in their communities. We’re honored to welcome them into the TreeServe family as we continue building a premier multi-regional platform for tree and plant care. Their exceptional teams and reputations strengthen our mission, and we’re proud to have them on board,” said Ms. Michaels.

TreeServe operates within the tree care services industry, which is experiencing consolidation and modernization as companies integrate technology, expand regional operations, and scale for commercial and residential demand. According to IBISWorld, the U.S. tree trimming services market has grown revenues at a CAGR of 5.3% over the past five years, to reach an estimated $39 billion in 2025. Through 2030, industry revenue is projected to increase at a CAGR of 2.1% to $43 billion.

According to Lawn & Landscape, the top four pure-play tree trimming services companies are all privately held and include Pennsylvania-based Asplundh Tree Expert ($5.7 billion in annual revenue); Ohio-based Davey Tree Expert Company, the largest employee-owned tree care firm in the U.S. ($1.8 billion in annual revenue); Connecticut-based Bartlett Tree Experts ($526 million in annual revenue); and New Jersey-based SavATree ($479 million in annual revenue).

In addition to TreeServe, other tree trimming-focused companies owned by private equity include Georgia-based Gunnison (Warren Equity Partners); Pennsylvania-based Monster Tree Service and New York-based SavATree (Apax Partners); Pennsylvania-based Treeways (NMS Capital); Massachusetts-based Tree Care Partners (CPS Capital); Virginia-based Xylem/Kendall (Sterling Investment Partners); Illinois-based Canopy Service Partners (Alpine Investors); and California-based ArborWorks (New State Capital Partners and Five Crowns Capital).

Soundcore specializes in North America-based buy-and-build investments in the lower middle market. Target companies typically have EBITDA from $2 million to $14 million and are active in business and outsourced services, industrial services, specialty manufacturing, and value-added distribution sectors. The firm closed its most recent fund, Soundcore Capital Partners Fund II LP, at $550 million in March 2024. Soundcore was founded in 2015 and is headquartered in New York City.

“Since our founding more than 10 years ago, Soundcore has established a strong reputation as the leading private equity partner for founder-led businesses, with 100 of our 104 acquisitions representing partnerships with the founder of the respective company,” said Jarrett Turner, a managing partner and founder of Soundcore. “Today, we’re proud to continue that tradition by partnering with two exceptional founders at Dave Leonard and JL Tree. Both businesses bring exceptional talent and long-standing customer relationships, and we’re excited to support management in accelerating their growth while continuing to deliver outstanding service as we build a leading tree care platform.”

O2 Sponsor Finance was the administrative agent and lead arranger for the senior secured credit facilities to back the formation of TreeServe and its acquisitions of Princeton Tree Care, Clauser Tree Care, Dave Leonard Tree Specialists, and JL Tree Service. Going forward, O2 will continue supporting the acquisition activities of TreeServe.

Chicago-headquartered O2 is a national provider of cash flow-based loans to lower middle market businesses with $2 million to $10 million in EBITDA. Typical hold sizes range from $5 million to $30 million with syndication capabilities up to $75 million. The firm focuses on supporting private equity sponsors, independent sponsors, and family offices in their acquisition or recapitalization of lower middle market companies.

O2 was formed by Old Second Bancorp in January 2022 and is led by President Joe Gaffigan, the former president and co-founder of TCF Capital Funding. Mr. Gaffigan led TCF Capital Funding from 2012 to 2021 until TCF Bank was acquired by Huntington National Bank in June 2021. He remained with Huntington as the president of its sponsor finance unit until spinning out to join Old Second to form O2 Sponsor Finance.

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