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.

Did you know? Each day, 1,000 Americans experience sudden cardiac arrest. According to the Sudden Cardiac Arrest Foundation, only 10 percent of these people survive.

At BrightView Landscapes, our greatest asset is our employees. In addition to equipping team members with the skills and resources needed to safely perform your job safely, we are committed to providing the training to assist fellow employees and customers and community members, should medical assistance be required. In support of this endeavor, the Environmental Health & Safety (EHS) team regularly coordinates First Aid and CPR training events across the country.

Since October 2022, nearly 1,000 BrightView employees have been trained in First Aid and CPR and we currently have more than 35 American Red Cross-certified First Aid and CPR instructors on our EHS and Branch Management teams.

“Our goal is to have all Branch leadership members and crew leaders trained in First Aid/CPR,” said Holly Woonton, BrightView’s Vice President, Environmental Health & Safety. “This is important life-saving training, and within BrightView, there are dozens of instances where team members have used their training to come to the rescue of their coworkers and community members suffering a cardiac or life-threatening emergency.”

At the conclusion of the half-day course, team members will know how to:

• Perform CPR on someone who is in cardiac arrest
• Properly use an Automated External Defibrillator (AED)
• Administer First Aid to someone who is injured
• Assist someone who is choking
• Render assistance with Narcan and Epinephrine

BrightView’s vision of creating and maintaining the best landscapes on Earth is often associated with world-renowned resorts, golf courses, and other eye-popping venues. 

Recently, that vision meant brightening the landscaping for a severely injured veteran. 

Through BrightView’s ongoing partnership with Homes For Our Troops — a nonprofit organization which builds and donates specially-adapted custom homes nationwide for severely injured post-9/11 veterans — BrightView designed and planned the lawn and landscaping for Cpl. Dan Lasko, a Marine who was on a recon mission when an improvised explosive device detonated as his vehicle drove through a pass in Afghanistan. Dan lost his left leg below the knee and sustained a traumatic brain injury and other injuries.

In addition to donating the materials, BrightView volunteers joined neighbors and community members to install the new lawn and garden beds. From mulching and planting trees, shrubs, and flowers to laying 30,000 square feet of sod, the corps of volunteers transformed Lasko’s yard into a place where his family can create memories for years to come.

“This means a lot to us,” Lasko said. “I want to thank BrightView for all their hard work and for showing their support.”

“BrightView greatly values our veterans and all they’ve done for our country,” said Tariq Ahmed, BrightView Vice President and General Manager, Northeast. “It’s our honor to be a part of a project that will brighten the Lasko home. I am extremely thankful for and proud of our team who made this project come to life.”

“We are very grateful for BrightView’s contribution to our veterans and to the Lasko family,” said Chris Mitchell, Director of Development for Homes For Our Troops. “Their home is their world and BrightView has made their world a better place through this very generous and kind gift.”

Last year, BrightView completed a similar project for an injured veteran in Sacramento, Calif.

BrightView’s commitment to veterans can also be seen through our Employee Resource Group (ERG), BrightView Recognizing and Acknowledging Veteran Opportunities, or BRAVO. The ERG was proposed by a group of veteran BrightView leaders and celebrates military service and the recruitment of veterans for every BrightView line of business, as well as helping establish BrightView as a veteran-friendly organization both within the company and in the community.

Click here to view a news story about the project.

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, 2023. 

“We delivered our 8th consecutive quarter of Maintenance Land organic growth, while also improving Land Maintenance and Development margins, enabling us to achieve profitability results significantly above the high-end of our guidance,” said Andrew Masterman, BrightView President and Chief Executive Officer. “Looking ahead, our priority remains clear, we will focus on business elements we can control, most notably driving sustainable Land Maintenance and Development organic growth, while implementing cost management initiatives through “Project Accelerate” to mitigate against externally driven headwinds and continue to improve profitability.”

Read the full report here.

BrightView Holdings, Inc. (NYSE: BV) (the “Company” or “BrightView”), the leading commercial landscaping services company in the United States, today announced Andrew Masterman will step down from his role as President and Chief Executive Officer (CEO) and member of the Board of Directors, effective May 31, 2023. Jim Abrahamson, who has served on BrightView’s Board since 2015, will serve as interim President and CEO until a successor is in place. Masterman will serve as an advisor for one month to ensure a smooth transition. The Company’s Board of Directors has initiated a search for a successor in partnership with a leading executive search firm.

“On behalf of the Board and entire BrightView team, I want to thank Andrew for the contributions he has made to the Company,” said Paul Raether, chairman of BrightView’s Board of Directors. “Today, BrightView is the leading commercial landscape design and services company with a recognized brand and high-quality team. Its market-leading position provides a solid foundation for future growth and creates a unique opportunity to enhance service for customers.”

Masterman joined BrightView in 2016 and successfully led the company’s initial public offering in 2018. Under his leadership, BrightView demonstrated growth through a series of strategic acquisitions, modernized its technology and finance infrastructure, professionalized the sales organization, expanded omni-channel marketing capabilities and achieved the best safety record in the company’s history.

“It has been an honor to serve as BrightView’s CEO and I’m proud of what the team has accomplished during my tenure. Together, we’ve built a top-tier organization with an expansive national footprint,” said Masterman. “I look forward to working with Jim to ensure a smooth transition and will continue to watch BrightView’s progress and future success.”

Raether added: “We have full confidence in Jim’s ability to continue to execute on BrightView’s strategy while we search for a new CEO to lead the company into its next phase and unlock value. Jim brings extensive knowledge of BrightView and the industry, as well as over 30 years of management experience in senior leadership and board of director roles with leading, large public and private companies in dynamic environments.”

“I’m honored to step in as interim CEO of BrightView, a company that I know very well and respect deeply,” said Abrahamson. “I look forward to working closely with our talented management team to continue to execute and build on our strategy and to ensure continuous performance improvement for our shareholders while we deliver the best service in the industry to our valued clients.”

Jim Abrahamson Biographical Details

Abrahamson previously served as CEO and as Chairman of Interstate Hotels & Resorts, the leading global hotel management company with a portfolio of approximately 500 hotels and 30,000 employees from June 2011 until its sale to Aimbridge Hospitality in October 2019. Prior to joining Interstate, Abrahamson held senior leadership positions with InterContinental Hotels Group, Hyatt Corporation, Marcus Corporation and Hilton Worldwide. Jim presently serves in public company and private company board roles, which, in addition to BrightView, includes currently serving as Independent Board Chair of VICI Properties, Inc., (NYSE: VICI) a leading REIT comprised of large-scale experiential focused destination resort and gaming facilities since its inception in 2017, as well as several other private company boards. He has also previously served on public company boards including as an independent director of CorePoint Lodging Inc. and as an independent director of LaQuinta Holdings and as an executive director of the board of Intercontinental Hotels Group. He holds a degree in Business Administration from the University of Minnesota.

Committed to creating a greener, more sustainable planet on Earth Day and every day, BrightView (NYSE: BV) – the nation’s leading commercial landscaping company – reaffirms its industry leadership by focusing on three key environmental priorities as it designs and maintains the best landscapes on Earth: 

Greener Fleet: By deploying more battery-powered mowers and hand-held tools, as well as adding electric and hybrid vehicles, BrightView will reduce greenhouse gas emissions and increase use of renewable energy sources. Last year, BrightView invested in over 1,000 new pieces of electric equipment and added 400 hybrid or electric cars and trucks.  

Water Conservation: With many regions experiencing drought conditions and local governments enacting water restrictions, BrightView offers superior irrigation management services to clients, including smart irrigation controllers, turf conversion, and xeriscaping to better ensure water efficiency and conservation. Xeriscaping, a landscaping technique that uses plants appropriate to the local climate, can reduce water use by 60 percent or more.

Ecosystem Preservation: Every year, BrightView plants tens of thousands of trees, shrubs, and grass as part of its best-in-class landscaping work. In 2022, BrightView partnered with the Arbor Day Foundation to plant 300,000 trees. These plantings help revitalize the ecosystem, while cleaning the air, filtering water, and sequestering carbon.  

“As landscaping stewards, operating in an environmentally-friendly manner is the keystone to BrightView’s core business beliefs,” said Andrew Masterman, BrightView President and Chief Executive Officer. “We take great pride in setting the industry standard to ensure future generations benefit from our responsible way of how we serve our customers and communities where we live, work and play.” 

Learn more about BrightView’s Environmental, Social, and Corporate Governance (ESG) goals and strategy in its 2023 ESG Report.

Every Day is Earth Day at BrightView

This Earth Day, and throughout the year, BrightView team members nationwide will volunteer their time and participate in enhancement projects and local events to make a positive impact in their communities, including: 

• Renovating and rejuvenating community centers’ gardens and flower beds 
• Cleaning up and revitalizing cemeteries and public spaces
• Planting trees, building pollinator boxes, and releasing ladybugs 
• Distributing educational materials and flower seeds at client locations