CenterOak’s turf care platform company, Turf Masters Brands, is moving rapidly to consolidate the lawn services sector with the acquisition of four companies.
CenterOak formed Turf Masters Brands in August 2022 to acquire Turf Masters Lawncare, All Turf Holdings, and Green Group Holdings. Turf Masters provides recurring lawn, tree, and shrub care services to over 130,000 customers annually. The company’s services include fertilization, seeding, aeration, weed control and exterior pest programs.
Roswell-headquartered Turf Masters, with more than 700 employees, operates 24 branches in 11 states – Georgia, Texas, North Carolina, South Carolina, Colorado, New Mexico, Oklahoma, Missouri, Tennessee, Alabama, and Florida.
The four new add-ons include North Carolina-based Fairway Green, Alabama-based Mighty Green Lawn Care Services, Maryland-based MRW Lawns, and Georgia-based Perfectly Green Lawn Care.
All four of the newly acquired businesses will continue to operate under their existing names and add nearly 200 employees to Turf Masters.
“We are pleased to continue executing on the strategy we laid out to recruit strong local market leaders to join the Turf Masters Brands platform,” said Andy Kadrich, the CEO of Turf Masters. “These brands are all recognized leaders in growing markets, and together we have the combined resources and expertise to provide a broad range of services with industry-leading customer care. We look forward to continuing our growth trajectory with additional acquisitions and organic growth.”
“We are excited about the results of our expansion efforts in our first six months,” said Keith Freeman, the EVP of corporate development for Turf Masters. “Our most recent addition of Fairway Green gives us a strong position in a leading lawn care market within the Southeast. We are proud of these recent additions to the Turf Masters Brands platform.”
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.
In April 2021, CenterOak held an oversubscribed and hard cap close of its second fund, CenterOak Equity Fund II LP, at $690 million. CenterOak’s first fund closed in 2016 at its hard cap of $420 million.
© 2023 Private Equity Professional | March 8, 2023
