ACC Landscape Services (the “Company”), a subsidiary of American Civil Constructors, Inc. (“ACC”) and a portfolio company of Chicago Growth Partners (“CGP”), provides a diverse range of outsourced services including traditional landscaping, irrigation, snow/ice, aquatic/lake, and public infrastructure maintenance and management. These services are provided through long-term contractual relationships with commercial property owners/managers and public agencies/municipalities throughout Colorado and Northern California.
On behalf of ACC and CGP, the SLATE founders conducted a broad sales process focused on both strategic and financial acquirers. The SLATE founders obtained numerous offers for the Company and ultimately negotiated a successful sale of the Company to Dallas, TX-based Progress Equity Partners LLC (“Progress”). Progress was attracted to the Company due to its market leadership in Colorado and California, its exceptional management team, and its recurring, high-margin revenue stream.
In addition to the traditional complexity associated with corporate divestitures, this transaction had the added challenge of raising debt and obtaining bonding simultaneously in a difficult lending and surety environment. Nonetheless, the deal was completed within 90 days from the signing of the letter of intent.
Under the ownership of Progress, the Company will be known as TerraCare Associates. Progress Equity partnered with Harbert Mezzanine, Patriot Capital and Texas Capital Bank to finance the transaction. Seller counsel was provided by Kamlet Reichert out of Denver, CO; buyer counsel was provided by Locke Lord Bissell & Liddell out of Dallas, TX.
This was another successful advisory assignment for the SLATE founders in the outsourced facilities services industry, a niche the firm has been focusing on since 2006.
