Monarch Landscape Holdings has acquired Littleton, Colorado-based Terracare Associates. The combined company has annualized revenues in excess of $200 million.
Monarch Landscape Holdings is a portfolio company of One Rock Capital. Formed in 2015 and led by CEO Brian Helgoe, Monarch has been executing a West Coast consolidation, having acquired Signature Landscapes and Northwest Landscape Services in Washington, Jensen Corp in Northern California, and Hort Tech and Landsystems in Southern California.
Terracare has its primary operations in Colorado, Northern California, and the Dallas-Fort Worth area. Terracare was acquired from Progress Equity. Progress Equity had acquired the business, formerly known as ACC Landscape Services from American Civil Constructors in 2009.
Successful exits by private equity firms are a closely watched indicator of the strength of the market.
October 23, 2017 Update:
Progress Equity issued the following run a release dated October 23, 2017:
Progress Equity Partners, Ltd. is pleased to announce the recent sale of Terracare Associates, LLC (“TCA”) to Monarch Landscape Holdings, LLC (“Monarch”), a portfolio company of One Rock Capital Partners, LLC. Progress Equity acquired TCA in May of 2009 and since the acquisition, the company successfully expanded its operations and evolved into a leading regional provider of outdoor maintenance services with ten branches located throughout Colorado, Texas, and California. Revenue nearly tripled during the investment period through both organic growth and add-on acquisitions.
We are pleased by the results of this transaction and believe Monarch is an excellent partner for TCA and its employees as it enters its next phase of growth. Steve Sangalis, Partner of Progress Equity, commented “We are proud of our successful partnership with Dean Murphy and the entire TCA management team and commend them for their outstanding achievements in building an industry leading company.” Dean Murphy, Terracare CEO, added “It was a pleasure to work with Progress Equity. Our entire team is appreciative of their collaborative and long-term focused investment approach. We are equally excited to partner with Monarch as the company enters its next stage of growth.”