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- AI? No thanks. Private equity just wants to mow your lawn🌱🚜
AI? No thanks. Private equity just wants to mow your lawn🌱🚜
Over 75 PE-owned lawn care companies, and a gift that keeps on giving for CD&R
Roll-Up Playbook: Lawn Care
State of Play
In January 2025, Huron Capital completed the sale of ExperiGreen Lawn Care—the 60th largest lawn care company in the U.S.—to Wind Point Partners. While financial details remain undisclosed, ExperiGreen saw a 10x increase in EBITDA 📈 and executed 19 acquisitions under Huron Capital’s ownership since 2022.
The lawn care roll-up strategy continues to gain momentum. Just last month, nearly 10 acquisitions were announced publicly, including LawnPro Partners’ 10th acquisition, backed by HCI Equity Partners.
Investment Thesis
Private equity’s involvement in lawn care isn’t new. The industry’s first private equity deal dates back to 1998 when CIVC Partners acquired The Brickman Group. CIVC held the business for nearly a decade, completing a dividend recap with a minority investment from Leonard Green before selling its controlling stake to KKR in 2007. Today, The Brickman Group is now BrightView (NYSE: BV)—the largest lawn care company, generating ~$3 billion in revenue with a ~$1.5 billion market cap.
Why Private Equity Loves Lawn Care 🚀
The lawn care business model boasts several attractive attributes for investors:
🌱 1. Non-Discretionary Service
For anyone who grew up in the suburbs, it’s no surprise that grass grows fast—and maintaining it requires more than just mowing (think fertilizers and weed control). However, only ~33% of the market is residential. The majority serves commercial properties and vegetation management, including clearing trees for utilities. Strict regulations around commercial landscaping make these services essential, not just aesthetic—reinforcing their non-discretionary nature.
💵 2. Recurring, Subscription-Like Revenue
Lawn care has evolved from a pay-as-you-go service (where providers knocked on doors and collected checks) to a subscription-based model. As consumer comfort with subscriptions and digital payments grew in the 2010s and 2020s, the industry followed suit. While no definitive industry-wide retention data exists, company interviews and forums suggest annual customer retention rates of 80-90%. For private equity, predictability is key—and lawn care delivers.
🧩 3. A Massive, Yet Fragmented Market Ripe for M&A
The U.S. lawn care market is valued at ~$150 billion (per IBIS), yet remains highly fragmented. Despite ongoing consolidation, the top 150 companies collectively generate only ~$18.5 billion, or just ~12% of the total market. This leaves significant room for further roll-ups and acquisitions.
So, Why Now?
Private equity has been actively investing in the lawn care and landscaping space since the 2010s, and the momentum isn’t slowing down. One of the key drivers? Housing and homeownership trends.
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