Silver Oak Services Partners has acquired Beary Landscaping in partnership with the company’s founder and senior management team.
Beary is a provider of landscaping and snow removal services to a range of commercial end markets, including utilities, multi-family living communities, office buildings, and municipalities. The company serves more than 1,200 customers across Illinois, Indiana, Pennsylvania, Michigan, and Wisconsin.
Beary was founded by CEO Brian Beary in 1985 and is headquartered 35 miles southwest of Chicago in Lockport, Illinois. The existing management team of Beary will continue in their current roles with Mr. Beary retaining a significant ownership stake in the business.
“For more than 35 years, Beary has served as a trusted partner to our customers, maintaining best-in-class landscapes that enrich the environment,” said Mr. Beary. “We are excited about our partnership with Silver Oak, which provides us with additional capital and expertise needed to significantly grow the company, while continuing to provide high-quality service to our customers.”
Silver Oak’s interest in Beary Landscaping is part of the firm’s broader investment strategy in the facilities services sector that is characterized by recurring revenue, low cyclicality, and high fragmentation.
“We are very excited to partner with Brian and the Beary team,” said Andrew Gustafson, a partner at Silver Oak. “We believe the company is a strong platform from which to grow due to its excellent reputation, tenured employee base, service-oriented culture, and experienced management team. We look forward to leveraging the company’s strengths while further investing in people, infrastructure and sales as Beary continues to grow in new and existing markets.”
In addition to Mr. Gustafson, the Silver Oak transaction team included Managing Partner Greg Barr and Vice President Biren Bhansali. The firm is actively seeking add-on acquisition opportunities for Beary Landscaping.
Silver Oak makes control investments in companies with revenues from $15 million to $150 million and EBITDAs from $4 million to $25 million. As the firm’s name implies, sectors of interest include business, healthcare, and consumer services. In August 2019, Silver Oak closed its fourth fund, Silver Oak Services Partners Fund IV LP, at its hard cap of $500 million. The firm’s third fund closed in March 2016 at its $335 million hard cap. Silver Oak was founded in 2005 and is based in the Chicago suburb of Evanston.
Silver Oak’s acquisition of Beary Landscaping closed in December 2023
© 2024 Private Equity Professional | May 16, 2024
