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BrightView Holdings, Inc. (NYSE: BV) is the United States' leading commercial landscaping services provider. With over 20,000 dedicated team members, BrightView offers a comprehensive suite of landscaping and snow services, ensuring high-quality, dependable solutions for thousands of clients nationwide.
From initial design to ongoing maintenance and enhancements, BrightView serves the entire lifecycle of a property’s landscape. The company operates through two primary segments: Maintenance Services and Development Services. Maintenance Services, which generate the majority of the company's revenue, are self-performed through a national branch network and are route-based, providing consistent, reliable care. Development Services focus on the sophisticated design, coordination, and installation of landscapes at high-profile corporate, athletic, and university complexes.
Since its formation in 2014, through the merger of Brickman and ValleyCrest, BrightView has been a trusted partner across various industries, including housing communities, corporate campuses, healthcare facilities, universities, retail establishments, and resorts. The company prides itself on fostering collaborative relationships with clients to drive mutual success.
BrightView is committed to delivering exceptional landscapes through its extensive capabilities, making it a single-source solution for landscape needs. The company's recent projects and achievements underscore its dedication to quality and client satisfaction.
- Recent News: BrightView recently sold U.S. Lawns, a franchised provider of commercial landscaping and snow removal services, to EverSmith Brands. This strategic move allows BrightView to focus more on its core operations while U.S. Lawns continues to grow under new ownership.
BrightView remains dedicated to innovative growth and excellence in the landscaping industry, leveraging its comprehensive services and experienced team to meet and exceed client expectations.
BrightView Holdings announced an update to its receivables financing agreement, increasing the facility from $275 million to $325 million and extending its maturity to June 2027. The new structure includes an accordion feature allowing an additional $100 million increase in borrowing capacity. Improvements include better leverage-based pricing tiers, reduced interest margins, and fees for unused capacity. These adjustments are expected to save over $5 million in interest expenses annually. BrightView will also use excess cash to pay down $75 million of its debt under this facility, enhancing balance sheet flexibility and reducing costs.
BrightView Holdings (NYSE: BV), a leader in commercial landscaping services in the US, has declared a cash dividend of $8.91 million for its Series A Preferred Stock. This dividend covers the period from March 31, 2024, to June 30, 2024, and will be paid on July 1, 2024, to shareholders of record as of June 15, 2024. This marks the second consecutive quarterly cash dividend, showcasing the company's financial stability and commitment to avoiding shareholder dilution. Earlier, on August 28, 2023, BrightView entered into an investment agreement with One Rock Capital Partners, raising $500 million through the issuance of 500,000 shares of Series A Convertible Preferred Stock. This stock offers a 7% annual dividend, payable in kind or cash, and is convertible to common stock at $9.44 per share.
BrightView announced its role in transforming Rickwood Field for MLB's historic game featuring the San Francisco Giants and St. Louis Cardinals on June 20. As MLB's Official Field Consultant, BrightView renovated the century-old ballpark, replacing the entire field surface with new Bermuda Turfgrass and upgrading features while preserving historical elements. The overhaul involved removing 5,000 tons of material, installing 120,000 square feet of sod, and adding new clay, padded walls, and lighting. BrightView will maintain the field for three events, including an MLB game. This project is part of BrightView's extensive collaboration with MLB on high-profile games globally.
BrightView Holdings announced the successful repricing of its $738 million senior secured term loan, now due in 2029. The interest rate has been reduced from Term SOFR plus 3.00%-3.25% to Term SOFR plus 2.50%, with no substantial changes to other terms. This adjustment is expected to save the company approximately $3.7 million annually in cash interest expenses. CFO Brett Urban emphasized that this move is part of BrightView's ongoing strategy to manage its balance sheet and drive profitable growth by leveraging current market conditions for term loan pricing.
BrightView Holdings (NYSE: BV) announced the pricing of an underwritten secondary offering of 17,500,000 shares by a selling stockholder affiliated with KKR & Co. The offering will close on May 23, 2024, subject to customary conditions, with no shares sold by BrightView itself. The proceeds will go entirely to the selling stockholder. The shares will be distributed to institutional investors led by T. Rowe Price Investment Management. Underwriters include KKR, Craig-Hallum, CJS Securities, Morgan Stanley, and Loop Capital Markets. The registration statement for the securities has been filed and is effective with the SEC.
BrightView Holdings (NYSE: BV), a leader in U.S. commercial landscaping services, announced its participation in the Baird 2024 Global Consumer, Technology & Services Conference.
The event, featuring key executives like President and CEO Dale Asplund and CFO Brett Urban, is set for June 4, 2024, at 10:15 a.m. ET in New York City. An updated investor presentation will be available on their investor website.
BrightView Holdings, Inc. (NYSE: BV) reported strong second-quarter fiscal 2024 results with a 3.5% year-over-year revenue increase to $672.9 million, a 253% net income growth to $33.7 million, and an 840 basis points net income margin expansion. The company also raised its Free Cash Flow and Margin guidance for fiscal year 2024, while reaffirming its EBITDA guidance. BrightView continues to focus on profitable growth, customer service, and operational enhancements.
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