A New CEO and a $500 Million Investment: BrightView's Next Phase of Growth

BrightView Holdings, Inc., the leading commercial landscaping services company in the United States, has announced the appointment of Dale A. Asplund as its Chief Executive Officer (CEO), effective October 1, 2023. Asplund, a respected and successful business executive, brings 25 years of extensive operational and publicly traded company expertise to BrightView from United Rentals, Inc. In conjunction with Asplund's appointment, BrightView has also announced a strategic investment of $500 million from One Rock Capital Partners, LLC, a value-oriented private equity firm.

The appointment of Dale A. Asplund as CEO follows a thorough search process conducted by the Board of Directors with the mandate to appoint a next-generation leader capable of driving transformative growth at BrightView. Asplund's extensive experience and operational excellence make him an ideal candidate for the role. He will also join the BrightView board as a director.

Paul E. Raether, Chairman of the Board of Directors, expressed excitement about welcoming Asplund to the BrightView team and highlighted his exceptional strategic capabilities. As the industry leader in commercial landscaping, BrightView is well-positioned for further growth and performance under Asplund's leadership.

Asplund himself expressed his enthusiasm for leading the company and collaborating with the board, senior management, and the dedicated team members to build upon BrightView's success. To underscore his confidence in the company's future, Asplund plans to invest approximately $5 million in BrightView shares.

The announcement of Dale Asplund's appointment and the strategic investment from One Rock Capital Partners coincides with BrightView's recent fiscal third-quarter earnings report, which showcased solid revenue growth, continued margin progression, and significant cash flow improvement. With this positive momentum, BrightView is well-prepared for its next phase of growth.

The $500 million strategic investment from One Rock Capital Partners will be used by BrightView to pay down debt, significantly de-leveraging its balance sheet and positioning the company for transformative growth under Asplund's leadership. The remaining funds from the investment, coupled with increased free cash flow due to lower interest expense, will provide BrightView with the flexibility to pursue acquisitions of complementary landscape businesses and other accretive initiatives.

The investment from One Rock Capital Partners is seen as a strong vote of confidence in BrightView's strategy and its efforts to increase growth and profitability. The partnership with One Rock will leverage their operational expertise and extensive experience in the landscaping industry to drive BrightView's future success.

Upon receipt of HSR approval and meeting certain other requirements, the newly-issued shares of convertible preferred stock will be convertible into shares of BrightView common stock. The preferred stock will vote together with the company's common stock on all matters brought to shareholders.

As part of the transaction, Kurtis Barker and Joshua Goldman from One Rock have been appointed as new directors to BrightView's board. The board will be comprised of 10 directors, including Asplund.

The appointment of Dale A. Asplund as CEO and the strategic investment from One Rock Capital Partners mark an exciting new phase of growth for BrightView. With the leadership and expertise of Asplund, coupled with the support of One Rock, BrightView is poised to continue its industry-leading position in commercial landscaping and deliver long-term growth and value for its shareholders.

About BrightView:

BrightView is the largest commercial landscaper in the United States, providing landscaping services and snow and ice removal services to premier properties across various industries. With a commitment to sustainable solutions and industry-leading best practices, BrightView takes care of its team members, engages its clients, inspires communities, and preserves the planet.

About One Rock:

One Rock Capital Partners is a private equity firm focused on making investments in companies with growth potential. Their rigorous approach, combined with the expertise of their Operating Partners, allows them to identify, acquire, and enhance businesses in select industries. One Rock works collaboratively with company management, using a comprehensive business plan to grow the enterprise and enhance profitability for long-term value.

Disclaimer: This article contains forward-looking statements. Actual results may differ materially from those anticipated due to inherent uncertainties, risks, and changes in circumstances. Please refer to BrightView's most recent filings with the SEC for more information.

Sources:

- BrightView Holdings, Inc. Press Release

- Company Website