What We’re Reading
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.”
Read more here
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
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
“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)
“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)*
Public Comparables TEV/LTM EBITDA (‘14-’19)*
• As of September 16, 2019
• Source: S&P Capital IQ
Facility & Field Services
Safety & Security
Testing, Inspection & Certification
Information included in this industry update was sourced from S&P Capital IQ.
The information and views contained in this report were prepared by Harris Williams LLC (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any securities or financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The securities and financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.
Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: email@example.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. awaited). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.