BrightView Announces $250 Million Share Repurchase Program

Rhea-AI Summary

BrightView Holdings has announced a $250 million share repurchase program authorized by its Board of Directors. This initiative aims to facilitate ongoing investments while utilizing moderate leverage and enhancing shareholder value. The program is effective immediately and allows for repurchases through various methods, including open-market transactions and accelerated buybacks. It supports BrightView's established mergers and acquisitions strategy, which has seen the company acquire 29 landscape services firms since 2017, strengthening its market position as the largest commercial landscaping provider in the U.S.

Positive

• Authorization of a $250 million share repurchase program to enhance shareholder value.
• Flexible repurchase methods including open-market and accelerated buybacks.
• Continuing mergers and acquisitions strategy with 29 acquisitions since 2017.
• Strengthens market positioning as the largest commercial landscaping services provider in the U.S.

Negative

• None.

BLUE BELL, Pa.--(BUSINESS WIRE)-- BrightView Holdings, Inc. (NYSE: BV) (“BrightView”) today announced that its Board of Directors has authorized a share repurchase program totaling $250 million. The repurchase program is effective immediately and allows for ongoing and profitable investment in the business while utilizing moderate balance sheet leverage and facilitating opportunistic share repurchases.

Repurchases will be made at management’s discretion through a variety of methods, such as open-market transactions (including pre-set trading plans), privately negotiated transactions, accelerated share repurchases, and other transactions in accordance with applicable securities laws. The program has no time limit. The share repurchase authorization does not obligate the Company to acquire any particular amount of common stock and can be discontinued at any time. Repurchases will be made using the Company’s cash resources and there can be no assurance as to the timing or number of shares of any repurchases.

The share repurchase authorization announced today does not affect BrightView’s previously stated and ongoing mergers and acquisitions strategy. BrightView has acquired 29 landscape services companies across the U.S. since 2017.

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 includes certain disclosures which contain “forward-looking statements.” You can identify forward-looking statements because they contain words such as “believes” and “expects.” Forward-looking statements are based on BrightView’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements can be found under the caption “Risk Factors” in our most recent annual report on Form 10-K filed with the SEC, as such risk factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website on www.sec.gov. Any forward-looking statement in this release speaks only as of the date of this release. BrightView undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211206005157/en/

Investor Relations Contact:

John E. Shave, VP of Investor Relations

484.567.7148

John.Shave@BrightView.com



News Media Contact:

Fred Jacobs, VP of Communications & Public Affairs

484.567.7244

Fred.Jacobs@BrightView.com

Source: BrightView Landscapes

FAQ

What is the purpose of BrightView's $250 million share repurchase program?

The program aims to enhance shareholder value through ongoing investments while utilizing moderate balance sheet leverage.

How will BrightView execute its share repurchase program?

Repurchases will be made at management's discretion via methods such as open-market transactions and accelerated buybacks.

Does the share repurchase program affect BrightView's mergers and acquisitions strategy?

No, the repurchase authorization does not impact BrightView's ongoing mergers and acquisitions strategy.

What has BrightView achieved regarding acquisitions since 2017?

BrightView has successfully acquired 29 landscape services companies across the U.S. since 2017.

How does the share repurchase program affect BrightView's stock price?

While the timing and number of shares repurchased are uncertain, such programs typically have a positive impact on stock price by reducing share supply.