Carousel Capital recently partnered with management and McKinney Capital to recapitalize Landscape Workshop, a provider of route-based commercial landscaping services in the Southeastern United States.
Founded in 1984, Landscape Workshop provides a comprehensive line of services, including landscape maintenance, irrigation services, seasonal color programs, design and installation, and facility services. It ranked No. 42 in Lawn & Landscape's Top 100 list in 2020 with a revenue of $43,600,000.
The company serves a network of over 2,800 commercial properties from nine locations covering seven states across the Southeast. Landscape Workshop is staffed by over 35 degreed horticulturalists and hundreds of trained crew members.
“We are very excited to partner with the Landscape Workshop management team and the McKinney family in an effort to further accelerate the company’s growth in the attractive commercial landscape services market. Landscape Workshop has built a differentiated platform, delivering customers a professional service experience with exceptional quality across its strategic Southeastern footprint," said Charles Grigg, a managing partner of Carousel. "We look forward to partnering with the Landscape Workshop team in the continued execution of their strategy."
“The Landscape Workshop team is excited to work with Carousel Capital. The management team and the McKinney Family were looking for a partner who could help us accelerate our growth over the long-term, and we found that in Carousel," said J.T. Price, president and CEO of Landscape Workshop. "Carousel was transparent and fair through negotiations and diligence and has a proven record of growing great businesses in fragmented industries. Carousel shares our belief that the best way to create value for investors is by creating value for customers and employees."
Piper Sandler & Co. served as financial advisor, while Bradley Arant Boult Cummings LLP served as legal advisor to Landscape Workshop.
The transaction was funded with equity from Carousel Capital’s fifth fund. Senior debt financing was provided by Freeport Financial Partners LLC. K&L Gates LLP served as legal advisor.
“The commercial landscape services market is large and highly fragmented with few large participants. Landscape Workshop has scaled its platform through a disciplined focus on branch level operations and the successful integration of eight acquisitions over the past seven years, becoming a consolidator-of-choice in the Southeast," said Al Welch, a partner of Carousel. "We are excited to partner with the Landscape Workshop team and endeavor to help them capitalize on the market opportunity to build one of the largest route-based landscaping companies in the United States."