The private equity firm Kohlberg Kravis Roberts has agreed to purchase the Brickman Group, one of the country’s largest landscaping companies, for $1.6 billion from another private equity firm, Leonard Green & Partners of Los Angeles.
“We are very pleased to partner with K.K.R., a leading investment firm with extensive experience in service businesses and an outstanding track record,†Andrew Kerin, Brickman’s chief executive, said in a statement announcing the acquisition on Monday. “With our partner, we are well positioned to accelerate our growth, further enhance the quality of services we provide to our clients and extend our industry leadership.â€
The acquisition is expected to close by the end of the year. K.K.R.’s North American Fund XI, and other funds and accounts managed by K.K.R., made the purchase.
Leonard Green had fielded offers from other suitors, according to a Brickman spokeswoman, during a sale process that lasted about two months. Early reports from Reuters indicated that two other private equity firms, TPG Capital and the Blackstone Group, were among the firms in the running.
Brickman, founded in 1939, counts nearly 10,000 employees nationwide, according to the statement, and provides services including landscape maintenance and enhancement, water management and tree care.
Leonard Green acquired a controlling stake in Brickman for $847 million in 2006.
K.K.R. and Leonard Green did not respond immediately to requests for comment.
Barclays Capital, Morgan Stanley, Latham & Watkins, and Dechert advised Brickman on the sale. Suisse Securities and Simpson Thacher & Bartlett advised K.K.R.
