BrightView Files for Public Offering

BrightViewBrightView Holdings, Inc., the parent company of BrightView Landscapes, LLC, filed a Registration Statement on Form S-1 on May 30, 2018 in connection with a potential public offering of its common stock.  This is rthe beginning of the registration process and there is no timetable for the completion of a public offering. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC  are the lead underwriters.

According to the registration statement, KKR & Co and its affiliated funds own 75.8% of BrightView’s stock while MSD Capital and its affiliated funds hold 17.7%.

We will be taking a closer look at the registration statement, but a quick look indicates growth has been modest since BrightView was created from the merger of The Brickman Group, Ltd. and The ValleyCrest Companies, but the Company has significantly ramped up its M&A activities over the past eighteen months, adding approximately $188 million in revenues.  The Company expects to continue its acquisition program.

The Company plans to use the proceeds to retire debt.

Here is a link to the registration statement.