Perennial Services Group recapitalizes with Brentwood, Tenex

Brentwood Associates, a private equity firm, has partnered with Tenex Capital Management (“Tenex”) to complete an equity recapitalization of Perennial Services Group. Brentwood and Tenex invested in partnership with Perennial’s management team, who will remain significant shareholders in the business going forward.

Headquartered in Pittsburgh, Perennial is a multi-brand home services platform with 49 branches operating in 15 states. Perennial is focused on lawn care, pest control, landscaping, and arbor services. It ranks No. 21 on Lawn & Landscape's Top 100 list.

The company was formed in September 2022 by CEO Jon Allen and Tenex to create a super-regional company in the Northeast, Mountain West and Midwest. Since its inception, Perennial has grown its customer base nearly 20-fold and has completed 25 add-on acquisitions of established local brands.

Allen will continue to lead the company alongside the rest of the Perennial management team.

“We are extremely excited to partner with Brentwood. Their focus on growth combined with a deep understanding of our business lines and the residential services category will create significant opportunities for Perennial," Allen says. "We look forward to leveraging their experience and value-added resources to execute against the exciting growth initiatives that lie ahead of us.”

“We are thrilled to partner with Jon, the Perennial team, and Tenex," says Ryan Foltz, managing director at Brentwood. "We look forward to supporting the company as it continues to invest in leadership, systems, and capabilities that enhance service quality and customer satisfaction while maintaining the entrepreneurial culture that makes these businesses successful.”

Steve Moore, Partner at Brentwood Associates, added, “Perennial has built a scaled, multi-brand platform with strong operating fundamentals and a clear model for partnering with best-in-class local operators," adds Steve Moore, partner at Brentwood. "We’re excited to partner with management and Tenex to help the Company accelerate organic growth, execute its disciplined M&A strategy, and continue investing in infrastructure and talent.”

The transaction closed on December 23, 2025. William Blair served as lead financial advisor and Piper Sandler was co-advisor on the transaction. Brentwood was represented by Kirkland & Ellis LLP.