CIVC Partners, a Chicago-based private equity firm, acquired Yellowstone Landscape Group in partnership with management. Gridiron Capital retains a minority stake in the company. Terms were not disclosed.
CIVC is a former investor in the Brickman Group, first acquiring it in 1998, recapitalizing it in 2002 and exiting in 2007 when Leonard Green & Partners came on as a private equity partner.
John Compall, a partner at CIVC, said the investment firm will pursue strategic acquisitions and growth. “Yellowstone is one of the few operators of scale in a highly attractive industry defined by recurring revenue, limited cyclicality and a fragmented base of small competitors,” he said.
Yellowstone, through its subsidiaries Austin Outdoor and BIO, provides commercial landscape maintenance and installation services in the Southeast and Texas. The company, which had $83.7 million in 2013 revenue, is headquartered in Bunnell, Fla., and has 16 branches across Texas, Florida, Georgia and South Carolina. It was formed in 2008 when Gridiron created Yellowstone from the acquisitions and merger of Houston-based BIO and Atlanta-based Piedmont Landscape. Austin Outdoor merged with Yellowstone in 2009, and Piedmont became part of the Austin Outdoor brand in 2012.
“We are thrilled to be partnering with a CIVC team that enthusiastically supports our strategy for Yellowstone,” Yellowstone CEO Tim Portland says. “CIVC has been an active investor in the landscape maintenance industry for nearly two decades and brings an unmatched track record of partnering with management teams to rapidly grow businesses in service industries. Based on their past experiences, we expect CIVC to be an excellent partner for us as we execute on our business strategies.”
In addition to Brickman, CIVC’s investment experience includes Kellermeyer Building Services, Icon Identity Solutions and Track Utilities.
Updated 1/14
