Coast Landscape Management, based in Napa, California, and Signature Landscapes, based in Reno and Tahoe, Nevada, plan to merge into a single entity in the fourth quarter of 2017. Central Valley Fund (CVF) helped to invest $7.2 million in growth capital to finance the merger.
The investment was completed in partnership with Lebo Newman, CEO of Signature and shareholder of both companies, and Kelly Solomon, CEO and shareholder of Coast. As a result of the merger, Newman will become chairman and Solomon will become CEO of the combined companies. Justin Trimble will serve as COO. Minority shareholders including Tim Laskowski, Tim Scott and Sal Perez will continue in their management roles at the combined company.
Combined sales for the two firms will be about $31 million. With these revenues, the company would have ranked 50th on Lawn & Landscape’s Top 100 list. The merged company will employ more than 400 people, as Signature employs 240 people and Coast employs 205 people. All employees will be retained when the firms merge. They also expect to bring on additional team members for planned expansion.
“We are excited by the opportunities ahead of us,” Newman said. “The CVF team shares our vision for building strong teams and systems to deliver superior service to our customers. Their partnership provides our two teams the opportunity to set the standards for innovation, quality and customer service in our market areas.”
“We are excited to partner with (Newman) and (Solomon) and their teams during their next phase of growth,” said Brad Triebsch, a managing partner with CVF. “In addition to local market growth, both companies will play a significant role in consolidating this industry through accretive acquisitions.”
Coast, which was established in 2005, offers contracted full-service landscape management to large sites including resorts, business parks, wineries, multi-family properties and public agencies for parks, schools and recreational facilities. Signature is a large landscape contracting company in northern Nevada and designs, builds and maintains landscapes for commercial, residential, hospitality and resort properties.