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BrightView Holdings, Inc. (NYSE: BV) has acquired Performance Landscapes, a commercial landscaping company based in Honolulu, Hawaii. This strategic acquisition aims to enhance BrightView's existing services by incorporating landscape maintenance in Hawaii, a market where they have been active since 2008. Performance Landscapes has a strong workforce of over 100 trained employees, servicing various market segments. Although the transaction details remain undisclosed, both companies express optimism about the integration's benefits, including improved services and growth opportunities.
Positive
Acquisition of Performance Landscapes enhances BrightView's service offerings in Hawaii.
Performance Landscapes has a skilled workforce of over 100 employees, providing a strong operational base.
The merger is expected to lead to new growth opportunities and enhanced services for existing customers.
Negative
Details of the acquisition's financial terms were not disclosed, leaving uncertainty regarding the transaction's impact.
Integration challenges may arise, potentially affecting operations and costs.
BLUE BELL, Pa.--(BUSINESS WIRE)--
BrightView Holdings, Inc. (NYSE: BV), the leading commercial landscaping services company in the United States, today announced the acquisition of Performance Landscapes, a commercial landscaping company headquartered in Honolulu, Hawaii. Terms of the transaction were not disclosed.
Formed in 2002, Performance Landscapes provides landscape maintenance, irrigation, enhancement, installation, arbor care, and pest control services. The company has more than 100 trained and qualified landscape employees who serve clients across the Home Owner Association, High-End Residential, Commercial, and Private Military Housing market segments.
“Hawaii’s landscapes are renowned for their beauty and cultural significance, something we came to appreciate through our Development Services team’s work in Hawaii,” said Andrew Masterman, BrightView President and Chief Executive Officer. “BrightView is excited to add maintenance services to its existing Development capabilities on the islands.”
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.
“Performance Landscapes has as high a level of professionalism, training, and safety awareness as any of the top landscaping companies across the U.S. We are excited to welcome their entire team to the BrightView family, and I look forward to working with them for many years to come,” Masterman said.
Performance founders Matt Lyum and Benny Abrigado as well as their senior leadership team will remain with BrightView to guide the integration process and provide leadership continuity:
“Performance Landscapes has had the great fortune to find amazing employees, customers, and vendors. Joining with BrightView was the logical next step for us. In addition to sharing best practices and leveraging industry-leading resources, I am excited by the new growth opportunities for our staff, and enhanced services for our customers.”
About BrightView
BrightView is the largest provider of commercial landscaping services in the United States. Through its team of approximately 20,000 employees, BrightView provides services ranging from landscape maintenance and enhancements to tree care and landscape development for thousands of customers’ properties, including corporate and commercial properties, HOAs, public parks, hotels and resorts, hospitals and other healthcare facilities, educational institutions, restaurants and retail, and golf courses, among others. BrightView is the Official Field Consultant to Major League Baseball.
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, growth and synergistic opportunities; 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, 2021, 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.
