Philadelphia-based private equity firm Eureka Growth Capital acquired the assets of Merit Service Solutions through a newly-formed affiliate, Exterior Maintenance Resources. Terms of the deal were not disclosed.
Merit Service Solutions, headquartered in Malvern, Pa., has seven locations and a nationwide network of service providers who perform facility maintenance services, such as landscaping, snow management, parking lot and other offerings. Merit, formerly known as Lipinski Property Services, ranked No. 15 on the 2016 LM150 list of the largest landscape companies with $90 million in 2015 revenue.
Eureka recruited a new CEO, Joe Giandonato, and partnered with Merit COO Joe Hoey and CFO Steve Rudd “to establish a platform that is a leading national provider of outsourced exterior facilities management services.”
Eureka Managing Partner Chris Hanssens, along with Eureka Vice President Lisa Harris Millhauser, joined Merit’s board at the close of the transaction.
“Eureka is the perfect partner for Merit Service Solutions given their operational focus and commitment demonstrated throughout the diligence process to bring the resources and leadership to support our vision, team and future growth,” said Merit CEO Joe Giandonato. “Eureka brings significant experience and a track record of success within our outsourced business services vertical and shares our team’s strategic vision of becoming the leading provider of highest-quality exterior facility maintenance services to valued customers nationwide. I look forward to working with Eureka and our team at Merit in executing on this vision.”
M&T Bank provided debt financing to support the acquisition.
