Gryphon Investors to exit FieldRoutes

Gryphon Investors has agreed to sell FieldRoutes to ServiceTitan. No financial terms were disclosed. Houlihan Lokey acted as financial advisor to Gryphon on the deal. Based in McKinney, Texas, FieldRoutes is a provider of software for pest control, lawn care, and other field service businesses.

PRESS RELEASE

San Francisco, CA, January 5, 2022 — Gryphon Investors (“Gryphon”), a leading middle-market private equity firm, announced today that it has executed definitive documentation for the sale of its portfolio company FieldRoutes (“FieldRoutes” or “the Company”) to ServiceTitan, a leading software provider for the trades. Gryphon originally invested in the Company, formerly known as PestRoutes, in January 2020. The transaction is subject to the completion of closing conditions set forth in the definitive agreement, including obtaining regulatory approvals.

FieldRoutes, headquartered in McKinney, Texas, is a leading provider of software for pest control, lawn care, and other field service businesses. The Company serves residential and commercial field service companies, automating many aspects of field service operations for enterprise and small business customers with office management, advanced route optimization, payment processing, digital sales, marketing, and customer acquisition capabilities.

Jon Cheek, Managing Director and Co-Head of Gryphon’s Software Group, said, “We are proud of what the FieldRoutes team has accomplished over the past two years and are extremely pleased to have this successful outcome represent the first exit for the Gryphon Software Group. Our conviction in the opportunity for software innovation in the field services industry was perfectly complemented by FieldRoutes’ product and thought leadership in the market, which we are confident will persist as the company combines with ServiceTitan. We continue to be excited by this sector and will look for further opportunities to partner with market-leading field services software businesses.”

William Chaney, CEO of FieldRoutes, added, “Under Gryphon’s ownership, we completed several strategic initiatives and operational improvements to create significant value. Implementing our enhanced billing and payment platform, accelerating new product development for our core markets, and rebranding the company and expanding into the lawn care industry all contributed to significant growth over the course of our two-year partnership with Gryphon. We are now excited to continue our growth with ServiceTitan.”

Houlihan Lokey acted as financial advisor to Gryphon, and Kirkland & Ellis LLP served as Gryphon’s legal counsel.

About FieldRoutes
FieldRoutes is a cloud-based and mobile SaaS provider for field service businesses. FieldRoutes’ platform automates many aspects of field service operations for enterprise and small business customers with office management, advanced route optimization, payment processing, digital sales, marketing, and customer acquisition capabilities. Contractors across the country rely on FieldRoutes to provide them with data-driven insights to become more efficient and drive revenue to their business, so they can grow quickly, scale intelligently and serve their customers relentlessly. In 2018 PestRoutes and Lobster Marketing joined together, and in 2021 unified under one brand, FieldRoutes.