KKR is to acquire The Brickman Group for USD1.6bn from Leonard Green & Partners and other shareholders.
Founded in 1939, Brickman is a provider of landscape maintenance and snow removal services in the US. With nearly 10,000 employees nationwide, Brickman serves a diversified base of over 10,000 clients.
Andrew Kerin, chief executive officer of Brickman, says: “We are very pleased to partner with KKR, a leading investment firm with extensive experience in service businesses and an outstanding track record. With our partner, we are well positioned to accelerate our growth, further enhance the quality of services we provide to our clients and extend our industry leadership.”
Simon Brown, member of KKR, says: “Brickman is a leader in its industry, with an outstanding management team, a distinguished culture, talented and committed employees, and a track record of delivering high-quality services to its clients. We are excited to invest in the company and look forward to working closely with the Brickman leadership team to continue to build on the company’s market-leading position and grow the business over time.”
The investment is being made by KKR North American Fund XI and other funds and accounts managed by KKR. The transaction, which is subject to customary closing conditions, is expected to close by the end of 2013.
