BLUE BELL, Pa.–(BUSINESS WIRE)–BrightView Holdings, Inc. (NYSE: BV) (“the Company” or “BrightView”),
the leading commercial landscaping services company in the United
States, today announced the acquisition of Luke’s Landscaping, Inc.
(“Luke’s”) and Desert Classic Landscaping (“Desert Classic”), both
previously owned and operated by FirstService Residential, a subsidiary
of FirstService Corporation (TSX: FSV; NASDAQ: FSV). Terms of the
transaction were not disclosed.
Both Luke’s and Desert Classic are leading, single-source, year-round
landscape service providers, offering a full suite of commercial
landscaping solutions, including grounds management, landscape
enhancement, irrigation, spray and arbor services. Luke’s was founded
more than 40 years ago and currently operates two branches in South
Florida with nearly 250 employees, serving customers between Coral
Springs and Miami. Desert Classic was established in 2002 and currently
operates two branches with more than 250 employees serving customers
across the entire valley area of Phoenix, Ariz.
“We are pleased to be strengthening our presence in two important
evergreen markets: South Florida and Phoenix. I’d like to welcome the
nearly 500 talented employees, and the customers they serve across both
markets, to the BrightView family,” said Andrew Masterman, BrightView
President and Chief Executive Officer. “Halfway through our third fiscal
quarter, we are well-positioned to achieve our fiscal 2019 target for
realized acquired revenue as well as our baseline target ‘wrap-around’
from acquired revenue for fiscal 2020. We look forward to working with
both teams to continue delivering the intense customer focus that our
customers have come to expect from BrightView.”
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.
About FirstService Corporation
FirstService Corporation is a North American leader in the property
services sector, serving its customers through two industry-leading
service platforms: FirstService Residential, North America’s largest
manager of residential communities; and FirstService Brands, one of
North America’s largest providers of essential property services
delivered through individually branded franchise systems and
company-owned operations.
FirstService generates approximately US$2 billion in annual revenues and
has more than 20,000 employees across North America. With significant
insider ownership and an experienced management team, FirstService has a
long-term track record of creating value and superior returns for
shareholders. The common shares of FirstService trade on NASDAQ and the
Toronto Stock Exchange under the symbol “FSV”.
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 revenue contributions 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; revenues following the transaction 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, 2018, 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.
Contacts
INVESTOR RELATIONS CONTACT:
Daniel Schleiniger, VP of
Investor Relations
484.567.7148
[email protected]
MEDIA CONTACT:
Fred Jacobs, VP of Communications & Public
Affairs
484.567.7244
[email protected]
