CALABASAS, Calif. and DOWNERS GROVE, Ill. - Environmental Industries, Inc. (EII) announced today that it has entered into an agreement to buy certain landscape construction operations of TruGreen LandCare from The ServiceMaster Company.
The TruGreen business will become part of Valley Crest, Environmental Industries' landscape construction company. ServiceMaster, Downers Grove, Ill., will retain the LandCare Maintenance business that provides ongoing maintenance services to residential and commercial markets.
Through the acquisition, Valley Crest will forge into new markets in Washington-Baltimore, Boston, Chicago, Minneapolis and Austin, Texas.
"We've been searching for the right mix of acquisition opportunities to complement the great market position we enjoy," said Richard A. Sperber, president and COO, Environmenal Industries, Calabasas, Calif. "This deal makes sense strategically. It strengthens our core services and our ability to offer full-service landscape and site development services for customers across the country."
This is EII's fourth aquisition in the last two years and follows the company's most recent acquisition of North Haven Gardens, Dallas, December 2000. The TruGreen LandCare Construction business had revenues of about $168 million in 2000 and about 2,500 employees. With this venture, EII will increase its number of employees nationwide to more than 6,500 and will increase the annual revenue to nearly $600 million.