Golden Gate Capital Partners With Founder and CEO Gil Grattan on Recapitalization of Virginia Green
SAN FRANCISCO & RICHMOND, Va.–(BUSINESS WIRE)–Golden Gate Capital, a San Francisco-based private equity firm, in partnership with Founder and CEO Gil Grattan, today announced the recapitalization of Virginia Green (“the Company”), the leading provider of lawn care in Virginia. Mr. Grattan will continue to lead the Company as CEO and will remain a significant shareholder. Terms of the transaction were not disclosed.
Founded in 2004, Virginia Green is a premier operator of residential lawn treatment services with a growing footprint of ten locations and 70,000 customers across key local markets. The Company offers personalized residential and commercial lawn treatment services through a flexible subscription-based model, underscored by its recognizable brand name in Virginia. Golden Gate Capital’s strategic investment will build on Virginia Green’s long track record of growth and support the Company’s expansion into existing and new adjacent geographies using its proven, scalable playbook built around an exceptional customer experience.
“Our rapid growth is a testament to the comprehensive lawn care offering and tremendous team we have built that provide superior results and unmatched customer satisfaction,” said Mr. Grattan. “I am pleased to be collaborating with Golden Gate Capital and believe their expertise in scaling industry-leading platforms makes them the perfect partner to accelerate the growth of our business in Virginia and beyond.”
Mike Montgomery, Managing Director at Golden Gate Capital, said, “Virginia Green is one of the largest and fastest growing lawn care companies in the country, and an established leader in the lawn treatment sector. The Company’s strong track record of consistent growth is truly remarkable, and the extraordinary customer satisfaction they deliver provides an ideal platform for future expansion. We are thrilled to support the Company as it continues to extend its reach.”
Neale Attenborough, Managing Director at Golden Gate Capital, added, “We are proud to partner with Gil and the talented Virginia Green team, and have deep respect for the company and culture Gil has built. We look forward to building upon Virginia Green’s already attractive customer acquisition and retention model as we expand the franchise into new geographies.”
Harris Williams served as financial advisor and Williams Mullen served as legal advisor to Virginia Green. TD Cowen served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Ropes & Gray LLP served as legal advisors to Golden Gate Capital.
ABOUT VIRGINIA GREEN
Virginia Green opened for business in 2004 and has grown rapidly employing over 300 associates, including an in-house agronomy team and dedicated customer service representatives focused on delivering 100% client satisfaction. We provide comprehensive commercial and residential lawn care services throughout Virginia including Central Virginia, Northern Virginia, Northside Hampton Roads, the Shenandoah Valley and the New River Valley. Virginia Green is a leader in the lawn care industry by providing the highest quality services, utilizing the best products and associates to deliver fantastic customer lawns and landscapes. Virginia Green prides itself on having an industry leading retention rate at greater than 87%. Virginia Green was ranked #1 in “Best Lawn Service/Landscaping” in a Richmond Times-Dispatch poll four times in the last five years.
ABOUT GOLDEN GATE CAPITAL
Golden Gate Capital is a San Francisco-based private equity firm with over $19 billion in cumulative committed capital. With a long-term investment philosophy, the principals of Golden Gate Capital have a long history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. For more information, visit www.goldengatecap.com.
For Golden Gate Capital
Chloe Clifford / Bridget Nagle