Commercial landscaping services firm BrightView secures $500m from One Rock

• Recently, Asplund worked at United Rentals where he was executive vice president and chief operating officer
• KKR BrightView Aggregator is BrightView’s current majority stockholder
• Based in New York City, One Rock invests in the middle market

One Rock Capital Partners has invested $500 million in BrightView Holdings, a Blue Bell, Pennsylvania-based commercial landscaping services company. No financial terms were disclosed.

In conjunction with this transaction, BrightView has appointed Dale A. Asplund as president and CEO, effective October 1, 2023. Also, Asplund will also join the BrightView board as a director as of that date.

Asplund succeeds Interim President and CEO Jim Abrahamson.

Recently, Asplund worked at United Rentals where he was executive vice president and chief operating officer.

“One Rock’s investment approach is centered on our capacity to deliver a broad range of operational and strategic resources to portfolio companies that are anchored by the expertise of One Rock’s team of Operating Partners,” said Joshua Goldman, a partner at One Rock in a statement. “We expect that our prior experience providing strategic and hands-on operational improvements to the businesses we’ve owned in the business and environmental services sectors will be additive to BrightView’s and Dale’s vision to generate returns for shareholders.”

KKR BrightView Aggregator is BrightView’s current majority stocholder.

Houlihan Lokey Capital, Inc. served as financial advisor to BrightView’s Board of Directors and Simpson Thacher & Bartlett LLP served as legal advisor. Mizuho Securities USA LLC served as financial advisor to One Rock while Latham & Watkins LLP served as legal advisor.

Based in New York City, One Rock invests in the middle market. The private equity firm was founded in 2010.