BrightView Holdings, Inc. (NYSE: BV) (the “Company” or “BrightView”), the leading commercial landscaping services company in the United States, today reported unaudited results for the second quarter ended March 31, 2024.

“During the quarter we continued to advance our strategy on profitable growth and a unified go-to-market offering under One BrightView. Our ability to deliver on these key initiatives resulted in an increase in revenue, and robust EBITDA growth and margin expansion,” said BrightView President and Chief Executive Officer Dale Asplund. “I am pleased to report we are reaffirming our breakthrough EBITDA guidance for fiscal 2024, while raising our Free Cash Flow guidance. Our ongoing commitment to investing in our employees, prioritizing the customer, and enhancing our operating structure, including the unwinding of non-core businesses, is making BrightView a stronger company that is better positioned to service our customers.” 

Read the full report here.

BrightView (NYSE: BV), the nation’s leading commercial landscaping company, today announced a strategic partnership with Red Wing Shoes to help equip over 18,000 team members with high-quality footwear that seeks to address the environmental hazards on the job site. This new program reflects BrightView's unwavering investment in its team's safety and well-being.

As a company dedicated to excellence in landscaping services, BrightView recognizes the importance of ensuring the safety of its team members in every aspect of their work. By partnering with Red Wing Shoes, renowned for their durable and dependable footwear, BrightView is reaffirming its commitment to prioritizing the safety and comfort of its employees.

"Our partnership with Red Wing Shoes underscores our dedication to providing our team members with the best personal protective equipment (PPE) to perform their jobs safely and effectively," said Amanda Orders, Executive Vice President and Chief Human Resources Officer, BrightView. "By outfitting our team with top-quality, functional boots, we are not only investing in their safety, but also empowering them to deliver exceptional service to our clients."

With this partnership, over 18,000 BrightView crew and field team members will have access to footwear that meets the highest PPE standards of safety and performance.

"At Red Wing Shoes, we share BrightView's commitment to prioritizing safety in the workplace," said Tito Warren, President, Global Industrial, Red Wing Shoe Co. "We are thrilled to partner with BrightView to provide their team members with our trusted boots, ensuring they have the protection they need to perform their duties with confidence."

The partnership with Red Wing Shoes aligns with BrightView's ongoing efforts to enhance workplace safety and support the professional development of its team members. By investing in premium PPE, BrightView aims to create a safe and more productive work environment for all employees.

BrightView Holdings, Inc. (NYSE: BV), the leading commercial landscaping services company in the United States, announced today that the Company’s Board of Directors has declared a cash dividend of $8.91 million on its Series A Preferred Stock. The dividend represents payment for the period from December 31, 2023 to March 30, 2024, and will be paid on April 1, 2024, to holders of record as of March 15, 2024. 

On August 28, 2023, BrightView entered into an investment agreement with an affiliate of One Rock Capital Partners, LLC, pursuant to which the Company issued and sold, in a private placement, an aggregate of 500,000 shares of the Company’s Series A Convertible Preferred Stock, par value $0.01 per share, for an aggregate purchase price of $500 million. The Series A Preferred Stock is convertible into shares of BrightView common stock at a conversion price of $9.44 per share. Holders of the Series A Preferred Stock are entitled to a dividend at the rate of 7.0% per annum, compounding quarterly, paid in kind, or paid in cash, at the Company’s election.

BrightView Holdings, Inc. (NYSE: BV) (the “Company” or “BrightView”), the leading commercial landscaping services company in the United States, today reported unaudited results for the first quarter ended December 31, 2023.

“I am pleased to report that we are off to a solid start to fiscal 2024 as we achieved meaningful progress on our objectives outlined under One BrightView,” said BrightView President and Chief Executive Officer Dale Asplund. “A continued focus on profitable growth in our core business, another quarter of strong performance converting our Development backlog, and execution of our cost efficiency plans led to EBITDA margin expansion for the quarter. We remain confident in our ability to execute our strategic initiatives and are encouraged by the momentum driving our business. Given these trends, we are reaffirming our guidance for fiscal 2024. Additionally, we announced the January divestiture of our non-core US Lawns franchise business. This strategic action aligns with our focus on the core business and will allow us to reinvest the proceeds back into the company." 

Read the full report here.

Download Report

BrightView (NYSE: BV), the leading commercial landscaping services company in the United States, today published its 2024 Corporate Responsibility Report, highlighting the Company’s commitment to being a good corporate citizen focused on environmental stewardship, social responsibility, and corporate governance. The report is available on BrightView’s website.

“This report reflects our team’s hard work over the past year and continued focus on corporate responsibility and sustainability initiatives. Every day we set out to positively impact our stakeholders, including our employees, clients, investors, and neighbors,” said Dale Asplund, BrightView President and Chief Executive Officer. “The actions we take, and the projects we promote, are designed to do our part to help improve our environment and to help take care of our team members and customers, and the communities we serve. We remain committed to setting ambitious goals, tracking our progress transparently, and continually improving our performance to ensure we’re working to create a bright future for the world around us.”

Fiscal 2023 Highlights

Environmental

• Established a baseline Scope 1 & 2 greenhouse gas (GHG) emissions inventory.
• Ongoing replacement of our fleet with electric and fuel-efficient alternatives resulting in 17% of our vehicles being hybrid or electric as of the end of Fiscal 2023.
• Continued conversion of gas and 2-cycle landscaping equipment to electric power, with an additional 480 battery-powered handheld units, 200 electric/hybrid vehicles, and 80 electric mowers deployed.

 Social

• Continued to diversify our workforce.
• Once again, maintained a total recordable injury rate lower than the landscaping industry average, demonstrating safety is a top priority.
• Raised over $160,000, through the BrightView Landscapes Foundation, to support team members in critical situations.
• Team members contributed over 550 volunteer hours, as part of our Volunteer Time Off program.

 Governance

• BrightView’s Board maintains oversight of societal and other matters affecting the Company’s stakeholders and the environments in which we operate.
• Nine of 10 Board members are independent, with an average tenure of under five years.

BrightView Holdings, Inc. (NYSE: BV) (the “Company” or “BrightView”), the leading commercial landscaping services company in the United States, today reported unaudited results for the fourth quarter and full fiscal year ended September 30, 2023.

“BrightView finished a successful fiscal year 2023 with fourth quarter results reflecting growth in revenue, EBITDA and cash flow,” said BrightView President and Chief Executive Officer Dale Asplund. “During the quarter the team successfully executed on key initiatives including deleveraging the balance sheet and prioritizing profitable growth. I am proud to be leading this great company and am excited by the opportunities ahead of us as we work towards achieving our short- and long-term goals and creating value for all our employees, customers and stakeholders.”

Read the full report here.

140 Years of Combined Experience

In 2014, Brickman and ValleyCrest combined to form BrightView, uniting under the shared belief that caring for our team members and our clients should always be at the heart of what we do. Through consistent excellence, proactive service, and a steady client focus, BrightView is delivering brighter futures—every day, everywhere, and with everyone.

BrightView Holdings, Inc. (“BrightView” or the “Company”) (NYSE: BV), the leading commercial landscaping services company in the United States, today announced that its Board of Directors has appointed Dale A. Asplund, 55, as President and Chief Executive Officer, effective Oct. 1, 2023. In conjunction with his appointment as CEO, Asplund will also join the BrightView board as a director as of that date. In addition, BrightView today announced that an affiliate of One Rock Capital Partners, LLC (“One Rock”), a value-oriented, operationally focused private equity firm, has made a $500 million strategic investment in the company in the form of convertible preferred stock.

CEO Appointment

A respected and successful business executive, Asplund’s appointment follows a thorough search process, conducted by the Board over the last number of months in consultation with a leading search firm, with the mandate to appoint a next-generation leader who is capable of driving transformative growth at BrightView. Asplund succeeds Interim President and CEO Jim Abrahamson. Abrahamson, who has served as a BrightView independent director since 2015, will remain as a member of the Board.

Asplund brings 25 years of extensive operational, service provider, and publicly traded company expertise to BrightView from United Rentals, Inc., the world’s largest equipment rental company. Most recently, as Executive Vice President and Chief Operating Officer, a position he was appointed to in 2019, Asplund served on the executive leadership team with company-wide responsibility for operations and employee safety. Asplund, who joined United Rentals in 1998, has held strategic leadership roles encompassing business services, shared services, supply chain, fleet management, and information technology. Earlier in his career, Asplund worked for United Waste Systems, Inc.

“We are excited to welcome Dale to the BrightView team. Dale is an outstanding leader whose proven operational excellence and exceptional strategic capabilities make him an ideal choice for our next CEO,” said Paul E. Raether, Chairman of the Board of Directors. “As BrightView continues its transformational journey, the Board looks forward to working with Dale to deliver long-term growth and value for shareholders and is grateful to Jim for leading the company through this transition period and his continued involvement in BrightView.”

“I am excited to lead this great company and talented team into its next phase of growth and performance,” said Asplund. “BrightView has firmly established itself as the industry leader in commercial landscaping. I look forward to collaborating with the Board, senior management, and dedicated team members to build upon their success. Underscoring my confidence in the company’s future, in the coming weeks, I plan to make a personal investment of approximately $5 million in BrightView shares.”

Today’s announcement follows the company’s recent fiscal third quarter earnings report, highlighted by solid revenue growth, continued margin progression, and significant cash flow improvement. Project Accelerate, the company’s cost containment initiative, has been materially expanded and is transitioning into the implementation phase — now identified as Project Liberty, with the intent of driving continued growth in revenue, profitability, and margin expansion.

One Rock Investment

As part of its strategic initiatives to accelerate operational excellence, grow the business, and strengthen its balance sheet, BrightView has received an investment from One Rock in the form of $500 million newly-issued shares of convertible preferred stock. BrightView will use 90 percent of the proceeds from the investment to pay down debt, helping to significantly de-lever the company’s balance sheet to 3.1x net debt to LTM Adjusted EBITDA and position it for transformative growth under Asplund’s new leadership. Remaining funds from the new investment, coupled with increased free cash flow due to lower interest expense, are expected to provide BrightView with the flexibility to pursue acquisitions of complementary landscape businesses and other accretive initiatives. BrightView’s existing shareholders are not selling any shares in connection with the transaction.

“We believe this investment from One Rock is a strong vote of confidence in BrightView’s strategy and continued efforts to increase growth and profitability,” said Raether. “We look forward to partnering with One Rock and leveraging their operational expertise, including extensive experience in the landscaping industry, as we continue to drive BrightView’s future success.”

“One Rock’s investment approach is centered on our capacity to deliver a broad range of operational and strategic resources to portfolio companies that are anchored by the expertise of One Rock’s team of Operating Partners,” said Joshua Goldman, Partner at One Rock. “We expect that our prior experience providing strategic and hands-on operational improvements to the businesses we’ve owned in the business and environmental services sectors will be additive to BrightView’s and Dale’s vision to generate returns for shareholders.”

Following receipt of HSR approval and certain other requirements, the preferred stock will be convertible into shares of BrightView common stock at a conversion price of $9.44 per share and will vote together with the company’s common stock on all matters brought to shareholders on an as-converted basis. The preferred stock has a 7 percent annual dividend, compounded quarterly, which will be payable in cash or in kind at BrightView’s option.

In connection with this transaction, One Rock Operating Partner, Kurtis Barker, and One Rock Partner, Joshua Goldman, have been appointed as new directors to BrightView’s board. Upon their appointment and that of Asplund, the Board will be comprised of 10 directors.

KKR BrightView Aggregator L.P., the current majority stockholder of BrightView, has approved the One Rock investment transaction and, in connection with it, has agreed to waive certain of its contractual rights, including the right to appoint more than two members of the Board and to approve certain significant BrightView actions. BrightView will be filing with the SEC and mailing an information statement to its stockholders with further information regarding the transaction.

Houlihan Lokey Capital, Inc. served as financial advisor to BrightView’s Board of Directors and Simpson Thacher & Bartlett LLP served as legal advisor. Mizuho Securities USA LLC served as financial advisor and Latham & Watkins LLP served as legal advisor to One Rock on the transaction.

About One Rock

One Rock makes investments in companies with potential for growth and operational improvement using a rigorous approach that utilizes highly experienced Operating Partners to identify, acquire, and enhance businesses in select industries. The involvement of these Operating Partners affords One Rock the ability to conduct due diligence and consummate acquisitions and investments in all types of situations, regardless of complexity. One Rock strives to work collaboratively with company management and its Operating Partners, including on a comprehensive business plan focused on growing the enterprise and its profitability to enhance long-term value. For more information, visit www.onerockcapital.com.

Smart phones. Smart homes. Everything in life seems to be getting smarter. Keeping track of landscape maintenance is getting smarter, too. BrightView — the nation’s leading commercial landscaping company — has upgraded BrightView Connect, a proprietary customer portal designed to provide property managers and homeowner association residents with the latest landscape service information at their fingertips. Released earlier this year, the portal recently surpassed 10,000 registered users.

“At BrightView, we’re constantly looking for solutions to better engage with customers and enhance their overall experience,” said Brian Bruce, BrightView Executive Vice President and Chief Information Officer. “The new BrightView Connect is simpler, faster, and more convenient. We envision BrightView Connect will be like taking your landscape team with you wherever you go, but in a much smarter format.”

Available on mobile or desktop, the next-generation BrightView Connect incorporates technology designed to meet the demands of clients by providing access to the information they need, when they need it. 

At its core, BrightView Connect offers a host of easily accessible, on-demand features such as:

• Submit Service Requests: Effortlessly request service and upload reference photos.
• Receive Service Confirmation: Know when landscape services are completed, tailored to client priorities.
• View Enhancement Proposals: Access proposals, status, and history on a secure dashboard.
• View Maintenance Schedule: Share details of a property maintenance schedule.
• View Quality Site Assessments: Review BrightView service history with site walk photos, notes, and follow-up items.
• Customize Communications: Select the preferred frequency and method of BrightView communications.

* Some features may not be available at all properties.

“The next-generation BrightView Connect was developed based on direct feedback from customers,” Bruce continued. “When designing the portal, we put an emphasis on providing easy access to the most useful information, leveraging our integrated mobile applications.”

Click here for a demo video and to learn more about the new BrightView Connect.

BrightView Holdings, Inc. (NYSE: BV) (the “Company” or “BrightView”), the leading commercial landscaping services company in the United States, today reported unaudited results for the third quarter ended June 30, 2023. 

“I am pleased to report solid third quarter results that reflect topline growth with meaningful margin expansion and continued improvement in our free cash flow,” said Jim Abrahamson, BrightView’s Interim President and Chief Executive Officer. “During the quarter we realized initial returns from Project Accelerate and expanded our strategic initiatives to include additional opportunities that can ultimately drive value creation and shareholder return. Across BrightView, there is a renewed focus on operational excellence and our strategy to achieve long-term success.”

Read the full report here.