Huron Capital will announce later this morning that the Detroit-based PE firm has made a majority investment in ExperiGreen Lawn Care, a Mishawaka, Indiana, company providing a variety of services, including seeding and soil amendment, to residential customers.
PE Hub asked Huron partner Brian Rassel about what’s driving all the PE interest in home maintenance services.
“Lawn care is a fantastic opportunity for private equity, given the recurring nature of the revenue and the ability to positively transform companies through marketing sophistication and the integration of digital tools to support operations across routing, communications, quoting and payments, and more,” Rassel said. “There is a broader do-it-for-me trend driven by younger homeowners and those choosing to age in place that supports growth in the industry.”
From this investment, Huron will launch a North American residential lawn care platform.
“The business is pursuing acquisitions and has been quite successful in acquiring smaller, complementary businesses over the past twelve months, including several acquisitions in 2022 already,” he said. “Huron expects this trend to continue throughout our partnership.”
The platform is being developed through Huron’s ExecFactor strategy.
The leadership team will remain intact, and the executives will continue in their existing roles. In addition to president John Moehn, the team includes chief financial officer Mike Goodrich, chief operating officer Dana Irwin, and Joe Kucik as chairperson. Kucik, who previously held the majority stake of ExperiGreen, is the founder of Real Green Systems, a software company used by thousands of lawn care businesses in the US.
Rassel pointed out that the board of directors of ExperiGreen has deep expertise in lawn care, having been involved with Scotts LawnService, Barefoot Grass Lawn Services, TruGreen and Real Green Systems, among others.
“There is an exceptional group of people already assembled at the company and fantastic momentum in the business around organic and acquisition growth initiatives,” Rassel said.