Market watch: BrightView makes history with IPO filing
The Plymouth Meeting, Pennsylvania-based company says it intends to apply to list its common stock on the New York Stock Exchange under the symbol BV.
BrightView Holdings, the largest provider of commercial landscaping services in the U.S., has filed its initial public offering with the U.S. Securities and Exchange Commission to raise up to $100 million in capital. The Plymouth Meeting, Pennsylvania-based company says it intends to apply to list its common stock on the New York Stock Exchange under the symbol BV. Multiple investor sources are reporting that the deal size is likely a placeholder for an IPO that could raise $500 million.
After the completion of this offering, affiliates of Kohlberg Kravis Roberts & Co. L.P., and affiliates of MSD Partners L.P. will continue to own a majority of the voting power of the common stock, which categorizes BrightView as a “controlled company” within the meaning of the corporate governance standards of the NYSE.
BrightView’s commercial landscape services range from landscape maintenance and enhancements to tree care and landscape development.
Its integrated national service model delivers services at the local level by combining its network of over 200 branches with a qualified service partner network.
“Our branch delivery model underpins our position as a single-source end-toend landscaping solution provider to our diverse customer base at the national, regional and local levels, which we believe represents a significant competitive advantage,” BrightView stated in its SEC filing. It notes its revenues are more than 10 times those of its next largest commercial landscaping competitor.
BrightView also says in its filing, “As the number-one player in the growing $62 billion commercial landscape maintenance and snow removal market, our size and scale allows us to offer a single-source landscaping services solution.”
BrightView was the result of the merger between California-based ValleyCrest and Maryland-based Brickman in June 2014, which created a combined company at that time of 22,000 employees.