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|Brightview Holdings Inc.||Symbol: BJ||Exchange: BV||Share Price: 22.00-25.00||Shares Offered: 21,300,000||Offer Amount: $612,375,000.00||Expected IPO Date: 6/28/2018|
Through its predecessors, BrightView commenced operations in 1939 and has grown organically and through acquisitions.
BrightView Holdings, Inc. was incorporated in Delaware on November 7, 2013 as Garden Acquisition Holdings, Inc., an entity owned by KKR Sponsor and certain of its affiliates, in connection with the KKR Acquisition. On December 18, 2013, Garden Acquisition Holdings, Inc. purchased all of the outstanding equity of BG Holdings, LLC, the former parent of Brickman Group Holding, Inc., and BG Holdings, LLC was merged into Garden Acquisition Holdings, Inc., with Garden Acquisition Holdings, Inc. surviving. Following the KKR Acquisition, Garden Acquisition Holdings, Inc. changed its name to Brickman Acquisition Holdings, Inc.
On June 30, 2014, we acquired ValleyCrest Holding Co., or ValleyCrest Holding, a landscape horticultural company that provides landscape maintenance, enhancement, snow removal and development services for commercial customers, primarily in California, Florida and Texas, which we refer to as the ValleyCrest Acquisition. Following the ValleyCrest Acquisition, we changed the name of our business to BrightView and Brickman Acquisition Holdings, Inc. changed its name to BrightView Acquisition Holdings, Inc. On March 15, 2018, we further changed our name to BrightView Holdings, Inc.
Our principal executive offices are located at 401 Plymouth Road, Suite 500, Plymouth Meeting, Pennsylvania 19462-1646. The telephone number of our principal executive offices is (484) 567-7204. We maintain a website at www.brightview.com.
We are the largest provider of commercial landscaping services in the United States, with revenues more than 10 times those of our next largest commercial landscaping competitor. We provide commercial landscaping services, ranging from landscape maintenance and enhancements to tree care and landscape development. We operate through a differentiated and integrated national service model which systematically delivers services at the local level by combining our network of over 200 branches with a qualified service partner network. Our branch delivery model underpins our position as a single-source end-to-end landscaping solution provider to our diverse customer base at the national, regional and local levels, which we believe represents a significant competitive advantage. We believe our commercial customer base understands the financial and reputational risk associated with inadequate landscape maintenance and considers our services to be essential and non-discretionary. This creates recurring revenue and enhances the predictability of our business model, as demonstrated by our landscape maintenance contract renewal rate of approximately 85% for each of calendar year 2016 and 2017.
We operate through two segments: Maintenance Services and Development Services. Our maintenance services (74% of fiscal year 2017 revenues) are primarily self-performed through our national branch network and are route-based in nature. Our development services (26% of fiscal year 2017 revenues) are comprised of sophisticated design, coordination and installation of landscapes at some of the most recognizable corporate, athletic and university complexes and showcase highly visible work that is paramount to our customers’ perception of our brand as a market leader.
As the number one player in the highly attractive and growing $62 billion commercial landscape maintenance and snow removal market, we believe our size and scale present several compelling value propositions for our customers, and allow us to offer a single-source landscaping services solution to a diverse group of commercial customers across all 50 U.S. states and Puerto Rico. We serve a broad range of end market verticals, including corporate and commercial properties, homeowners’ associations, or HOAs, public parks, hotels and resorts, hospitals and other healthcare facilities, educational institutions, restaurants and retail, and golf courses, among others. We believe that due to our unmatched geographic scale and breadth of service offerings, we are the only commercial landscaping services provider able to service clients whose geographically disperse locations require a broad range of landscaping services delivered consistently and with high quality. Our top ten customers accounted for approximately 12% of our fiscal year 2017 revenues, with no single customer accounting for more than 3% of our fiscal year 2017 revenues. The diversity of our client base and end-markets are evidenced by the following:
- We serve approximately 13,000 office parks and corporate campuses, 9,000 residential communities and 450 educational institutions.
- We serve four of the five largest U.S. banks, 11 of the top 15 U.S. health systems, nine of the top ten third-party hotel management firms and four of the top five largest U.S. companies.
Our business model is characterized by stable, recurring revenues, a scalable operating model, strong and improving operating margins, limited capital expenditures and low working capital requirements, which together, generate significant Free Cash Flow.