What We’re Reading

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SavATree Acquires Clear Cut Tree and Lawn Care

SavATree, a Bedford Hills, New York-based provider of arborist services backed by CI Capital Partners, has acquired Clear Cut Tree and Lawn Care. Clear Cut, founded in Monroe, CT, provides a broad suite of profession tree, shrub and lawn care services. As the industry leader in professional tree, shrub, and lawn services, the acquisition further expands SavATree’s reach in Southwest Connecticut. Daniel van Starrenburg, CEO of SavATree, commented “We’re honored that that they have decided to partner with SavATree to expand their offerings. Their knowledgeable team will be a great asset going forward as we honor our mutual commitment to high quality and environmentally sensible care.”

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WasteRetriever to be Acquired by PE-Backed Valet Living

Valet Living, the Tampa-based amenities provider to the multifamily housing industry, backed by Harvest Partners and Ares, has acquired the trash and recycling collection company WasteRetriever. The Greenwood Village, Colorado-based doorstep trash and recycling collection company will further enhance Valet Living’s national presence and lead to meaningful synergies in many overlapping markets.

 Read more here

 

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Torch Fitness Also Acquired by Valet Living

Valet Living made another groundbreaking acquisition this year in the form of Torch Fitness, an Atlanta, Georgia-based fitness, wellness and nutritional programs provider. The deal further emphasizes Valet Living’s commitment to wellness amenities. The combination of the two companies will give residents in these communities access to over 400 certified fitness trainers and dietitians. Shawn Handrahan, President and CEO of Valet Living, stated “Through Valet Living Home, we're curating a comprehensive experience that meets the modern demands of multifamily residents and setting the standard for how amenity services are delivered.”

Read more here

 

Excerpts From Recent Earnings Calls

screen_shot_2019-09-18_at_10.51.44_am.png“Looking at acquisition activity, we've already closed on what we would consider an above-average amount of acquisitions for the year and continue to see an elevated amount of seller interest. Year-to-date, our acquisitions totaled approximately $160 million in annualized revenue…and we are well positioned for additional acquisition and organic growth opportunities”

– Worthing Jackman, President and CEO (7/30/2019)

 

 

screen_shot_2019-09-18_at_10.52.36_am.png“The [acquisition] pipeline has been very consistent really the last 3 or 4 years. The one difference now is that we do have a new platform with Global. And certainly, we were very focused on the commercial, large loss space in terms of tuck-unders. But the Global team was also. So we do have a combined effort moving forward, which we'll probably see the pipeline tick up, in terms of activity, and then it'll settle in. But there's probably a little bit more activity right now. I would add that it's very competitive in that space. There is a great deal of private equity interest, and so the competition is intense.” 

– D. Scott Patterson, President and CEO (7/24/2019)

Public Comparables - Market Performance

Public Comparables 5-Year Price Index (‘14-’19)*

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Public Comparables TEV/LTM EBITDA (‘14-’19)*

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• As of September 16, 2019

• Source: S&P Capital IQ

Public Comparables

Facility & Field Services

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Environmental Services

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Property Management

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Safety & Security

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Waste Management

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Testing, Inspection & Certification

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Information included in this industry update was sourced from S&P Capital IQ.

 

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