Houston, TX (July 31, 2020) – Evolution Strategy Partners (“Evolution”), Gemini Investors (“Gemini”), and senior members of management announced the recapitalization of Westco Grounds Maintenance Inc. (“Westco” or the “Company”). Manny González, a long-time operating general partner with decades of experience leading high-growth services companies has assumed the role of Chief Executive Officer.
Westco, founded in 1984, is a leading Houston-based commercial landscaping installation and maintenance provider. The Company offers a full range of landscape and irrigation installation and maintenance services for HOAs, municipalities, commercial properties and other commercial clients.
“I am thrilled to step into the leadership role at Westco where I’m surrounded by a highly experienced team committed to aggressive growth while maintaining the Company’s reputation for quality service and customer responsiveness” stated Mr. González. “We plan to expand across the greater Houston market and surrounding counties leveraging our current infrastructure as well as seeking additional teams to expand our service range.”
Jim Goodman, President of Gemini stated, “Westco’s track record of stable operating performance through volatile economic cycles – including the current COVID-19 crisis – makes for a highly compelling investment and we are looking forward to growing the Company through both organic sales and acquisitions.”
Noted Stenning Schueppert, Managing Partner of Evolution, “with JL Filtration in the industrial water filtration market and now Westco, Evolution continues to focus on our lower middle-market industrial service and business service companies. We certainly hope to partner with Gemini Investors on additional platform investments given the highly productive and respectful working relationship we enjoyed throughout the Westco transaction process.”
Equity for the transaction was provided by Evolution and affiliates and Gemini Investors VI, L.P. Credit facilities were provided by Cadence Bank N.A. Terms of the transaction were not disclosed.
Evolution Strategy Partners (www.evolutionstrategy.com) is a differentiated private equity firm with a unique approach to conducting business: We consider our portfolio companies as true partners, not purely investments. Evolution values and respects the people with whom we work and believes its value-added involvement is only beginning at the time a transaction closes. We stay engaged and empower company leaders to accelerate the true potential of their businesses. Evolution’s primary focus is on entrepreneur-owned businesses but we remain flexible to explore other opportunities where our knowledge and interests are aligned. We target industrial and commercial service businesses with under $75 million in revenue and select only a handful of new platform opportunities to pursue each year.
Founded in 1993, Gemini (www.gemini-investors.com) is a Massachusetts-based investor in lower middle market private companies. Since inception, Gemini has invested over $850 million in more than 150 companies throughout the U.S.. Currently investing Gemini Investors VI, L.P., the firm seeks established businesses and experienced management teams that have a solid operating history and significant growth potential. Gemini’s target portfolio company has revenues of $5 to $50 million and EBITDA of at least $1 million.
*Updated to reflect proper branding from, originally, Altos Partners.