HCI Equity Partners, a lower middle-market private equity firm, invests in Grasshopper Lawns, an Eastern Pennsylvania residential lawn treatment company.
HCI Equity Partners said this is the first acquisition in its plan to consolidate companies in the residential lawn care treatment, tree and shrub services and pest control markets. Financial terms were not disclosed.
“We are excited about this new chapter in the history of Grasshopper,” said Michael Kravitsky, IV, owner and president of Grasshopper. “We’ve enjoyed our time getting to know the HCI team and firmly believe partnering with them will provide us with the resources and support needed to provide increased opportunities to our family of employees, accelerate our growth initiatives, expand our service offerings and ultimately deliver an even better experience to our valued customers.”
Headquartered in Larksville, Pa., Grasshopper is a fourth-generation, family-owned provider of lawn care treatment services to residential customers across Eastern Pennsylvania. The company provides lawn treatment and fertilization, aeration, mosquito and pest control and tree and shrub services.
Grasshopper owner and president Michael Kravitsky IV will remain with Grasshopper in a consulting and board role and the day-to-day operations will transition to Michael Kravitsky V.
“The investment thesis HCI has developed for the lawn care treatment market is highly favorable,” Nate Novak, HCI principal said, “It has a route-based, recurring service model with a growing, resilient customer demand for services, in a large and very fragmented market, making it a strong candidate for aggressive M&A consolidation. We believe Grasshopper is an ideal starting point for us to build a leading player in the industry that offers best-in-class service to customers.”
