Press Release
Gridiron Capital Announces Acquisition of Texas Services, Ltd.
New Canaan, Connecticut, January 2010 — Gridiron Capital, LLC announced the acquisition of Texas Services, Ltd. (Texas Services) by its portfolio company, Yellowstone Landscape Group, Inc. (Yellowstone) on December 31, 2009. Texas Services, a lawn maintenance and landscaping company focused on tree care, is headquartered in Houston and provides services to Houston, Austin, San Antonio, Dallas and the surrounding areas. Texas Services will become the Tree Care Department of BIO Landscape & Maintenance, Inc. (BIO), a wholly-owned subsidiary of Yellowstone.
With the addition of Texas Services, BIO now serves 15 counties with a combined workforce of 440 professionals throughout Central and Southeast Texas. The transaction marks the second addition to BIO in 2009. In October of 2009, BIO acquired Outdoor Environments, a Houston based commercial landscape maintenance company.
Robert Taylor, President of BIO, said, “Texas Services will further expand BIO’s geographic footprint by adding a stationed office in the growing Sugarland area while allowing us to offer an expanded portfolio of services, including tree care, to all of Texas. We welcome Jim Sivils, Jeff Hanawalt and Robert Jaynes (prior owners of Texas Services) to the organization and are excited about this expansion.”
Jim Sivils, the former majority partner of Texas Services, commented on the acquisition, “We are excited to join an organization with the same culture and commitment to customer service, safety and employee development. We are really impressed by the BIO/Yellowstone company structure and relationship, its team focused attitude, how most decisions are left in the operating company’s hands, the attention to customer needs versus company structure, and the additional benefits offered to Texas Services by becoming a wholly-owned subsidiary of BIO.”
Owen Tharrington, a Principal of Gridiron Capital, commented, “The acquisition of Texas Services extends BIO’s growing capabilities and strengthens Yellowstone’s presence in Texas. This acquisition represents Yellowstone’s fourth successful add-on acquisition since inception and further demonstrates its continued ability to attract sellers and good managers, and ultimately enhance the breadth of service offerings for new and existing customers.”
GMB Mezzanine Capital, L.P. provided subordinated debt as a part of the Texas Services transaction.
About Yellowstone Landscape Group:
Yellowstone Landscape Group, headquartered in Dallas, Texas, is a national landscape leader dedicated to serving the growing demands of the commercial, municipal, institutional, resort, multi-family and estate markets by offering a comprehensive service solution of green and sustainable practices with an emphasis on protecting, enhancing and increasing property values in a variety of geographic locations. Yellowstone currently serves customers in Georgia, Texas, Virginia, Tennessee, South Carolina and Florida with expansion plans already in place to increase its geographic footprint. By delivering best-in class horticultural and business practices, a highly skilled workforce, value-added pricing strategy and the scales of scope and efficiency, the Yellowstone Landscape Group provides its customers with a premium comprehensive service offering. Visit www.yellowstonelandscape.com for more information.
About Gridiron Capital:
Gridiron Capital, LLC, headquartered in New Canaan, Connecticut, is a private equity firm focused on creating value by acquiring and building middle-market manufacturing, service and specialty consumer companies in the United States and Canada. The firm’s principals have historically achieved superior investment returns by employing a combination of strategic, operating and financial experience to provide portfolio companies with competitive advantages. Gridiron’s principals work closely with management teams to develop strategies for portfolio companies, as well as providing resources to execute business plans and build industry-leading companies. Additional information about Gridiron is available on the firm’s website at www.gridironcapital.com.