Silver Oak Services Partners has recapitalized Commercial Cleaning Systems LLC, a Denver-based provider of commercial janitorial services. No financial terms were disclosed.
Evanston, IL – January 12, 2016 – Silver Oak Services Partners, LLC (“Silver Oak”), a lower middle market private equity firm focused exclusively on service businesses, announced it has led the recapitalization of Commercial Cleaning Systems, LLC (“CCS” or the “Company”) in partnership with management and co-investors.
CCS is a leading provider of commercial janitorial services across the Western U.S. Founded in 1988 and headquartered in Denver, the Company has operations in Arizona, California, Colorado, Georgia, Nevada and Washington. CCS provides a full range of janitorial services focused on commercial customers, including end markets such as single and multi-tenant office, healthcare, education, industrial, government and residential communities.
Silver Oak invested alongside the Company’s founder and senior management team in the transaction. “We are excited about our partnership with Silver Oak, which provides the additional capital resources and expertise we need to build a leading national janitorial services company,” said Troy Coker, CEO of CCS. “Silver Oak has a proven track record of helping their portfolio companies grow rapidly, but strategically, both organically and through add-on acquisitions.” Troy and the existing management team will continue in their current roles with CCS and retain a significant ownership stake in the business.
Silver Oak highlighted janitorial services as an attractive subsector for investment as part of a broader effort in facilities services, due to the recurring nature of revenue, low cyclicality and high degree of fragmentation. Greg Barr, Managing Partner at Silver Oak, said, “We are very excited to partner with Troy and the rest of the team at CCS. We believe the Company is a great platform from which to grow in janitorial services due to its strong reputation in each market, service-oriented culture and experienced management team. We look forward to leveraging the Company’s strengths, while further investing in both new and existing markets.” CCS is actively looking for add-on acquisition opportunities.
Please contact Greg Barr or Andrew Gustafson of Silver Oak for additional information.
Silver Oak invests in business, consumer and healthcare services companies in the lower middle market, typically with EBITDA of $3 million to $20 million.