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BrightView (NYSE: BV), a top commercial landscaping services company, has acquired Island Plant Company, a leading resort and condominium landscaping firm in Maui, Hawaii. The transaction details remain undisclosed. Established in 1986, Island Plant Company specializes in landscape maintenance and design services across Maui's premier properties. This acquisition aligns with BrightView's growth strategy in Hawaii, following previous acquisitions in the region. Andrew Masterman, BrightView's CEO, emphasized the acquisition's strategic importance in expanding their market presence and enhancing operational capabilities. The merger is expected to leverage Island Plant's local expertise.
Positive
Acquisition of Island Plant Company enhances BrightView's market presence in Hawaii.
Increases operational capabilities with local expertise from Island Plant.
Continues BrightView's growth strategy following previous acquisitions in Hawaii.
Integration challenges may arise from merging operations of two companies.
BLUE BELL, Pa.--(BUSINESS WIRE)--
BrightViewHoldings, Inc. (NYSE: BV), the leading commercial landscaping services company in the United States, today announced the acquisition of Island Plant Company, LLC, a premiere resort and condominium landscaping company in Maui, Hawaii. Terms of the transaction were not disclosed.
Founded in 1986 by Thom and Beverly Foster, Island Plant Company provides landscape maintenance, installation, and design services to Maui’s AOAO (Association of Apartment Owners) and resort properties located throughout West Maui, South Maui, and Upcountry. Over the years, Island Plant has installed and designed landscapes throughout Maui’s resort areas, including Ka’anapali Golf Estates, Pineapple Hill, Plantation Estates, Honolua Ridge, Wailea Golf Vistas, Wailea Golf Estates, and Wailea Highlands.
Island Plant is the most recent Hawaii-based landscaping company acquisition for BrightView. In 2022, BrightView acquired SGS Hawaii and Performance Landscapes.
“As we continue to execute upon our long-term growth strategy, Hawaii’s commercial landscaping business is rapidly expanding and Island Plant’s expertise perfectly complements and strengthens our operations in this market,” said Andrew Masterman, BrightView President and Chief Executive Officer. “Thom and Beverly’s dedication and passion for landscaping is reflected in the reputation Island Plant has earned for designing, installing, and maintaining beautiful landscapes and we’re pleased to welcome them and their team to the BrightView family.”
“For over 35 years, Island Plant has proudly served Maui’s business community. As we looked to the future, we felt merging with BrightView was the right step for Island Plant,” said Thom Foster. “BrightView’s culture, systems, and resources made them the best answer for our succession, our clients, and our people.”
BrightView Development Services has been a licensed landscape and irrigation contractor in Hawaii since 2008. In addition to renovating the Hualalai Four Seasons in Kona following a tsunami in 2011, BrightView also restored the irrigation system for the Hilton Waikoloa Village and Resort and performed landscape architecture work at the Four Seasons Maui.
About BrightView
BrightView (NYSE: BV), the nation’s largest commercial landscaper, proudly designs, creates, and maintains the best landscapes on Earth and provides the most efficient and comprehensive snow and ice removal services. With a dependable service commitment, BrightView brings brilliant landscapes to life at premier properties across the United States, including business parks and corporate offices, homeowners' associations, healthcare facilities, educational institutions, retail centers, resorts and theme parks, municipalities, golf courses, and sports venues. BrightView also serves as the Official Field Consultant to Major League Baseball. Through industry-leading best practices and sustainable solutions, BrightView is invested in taking care of our team members, engaging our clients, inspiring our communities, and preserving our planet. Visit www.BrightView.com and connect with us on Twitter, Facebook, and LinkedIn.
Forward-Looking Statements
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to our expectations regarding results of operations from companies we acquire and other financial and operating information. You can identify these forward-looking statements by the use of words such as “believes,” “guidance,” “target,” “expects,” “potential,” “continues,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks, uncertainties and factors, including the following: BrightView may not be able to achieve the anticipated benefits of the acquisition transaction, including revenue, profits, growth and opportunities for synergies; BrightView may be unable to successfully implement integration strategies; results of operations may be lower than expected; operating costs, customer loss, and business disruption may be greater than expected; and BrightView may assume unexpected risks and liabilities. Additional factors that could cause BrightView’s results to differ materially from those described in the forward-looking statements can be found under “Item 1A. Risk Factors” in our Form 10-K for the fiscal year ended September 30, 2022, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. Any forward-looking statement made in this press release speaks only as of the date on which it was made. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
