BrightView acquires Green Image in Las Vegas

BLUE BELL, Pa. – BrightView Holdings has acquired Green Image based in Las Vegas, Nevada. Terms of the transaction were not disclosed.

“GTI and its more than 400 team members are a great strategic addition to our operations in the western U.S.,” said BrightView President and CEO Andrew Masterman. “They bring a solid base of maintenance operations plus an impressive capability in landscape development. This team of professionals has years of experience in horticulture, engineering, maintenance, design, architecture, and equipment management and I am pleased to welcome them to BrightView.”

Founded in 2004, Green Image works on both landscape development and maintenance, including HOA streetscapes and entries, parks, common areas, play structures, athletic fields and water features.

“We look forward to the new opportunities our people will have joining the BrightView team,” said GTI’s Brock Krahenbuhl. “It’s very exciting and we are ready for this new expansion in the landscape industry.”

A growing market

Las Vegas has been growing steadily for decades. The city housed 1.8 million people in 1998, but the population has ballooned to 2.7 million in 2021.

First quarter fiscals

The company also recently revealed its first quarter fiscal results from 2021. The highlights from the numbers include:

• Total revenue of $554.4 million compared to prior year of $570.7 million.
• Net loss of $12.0 million compared to prior year net loss of $12.6 million, an improvement of $0.6 million; and net loss margin of 2.2%, flat to prior year.
• Adjusted EBITDA of $52.4 million compared to prior year of $51.7 million, an increase of $0.7 million.
• Adjusted EBITDA Margin of 9.5%, an increase of 40 basis points compared to prior year of 9.1%.
• Maintenance adjusted EBITDA of $49.6 million compared to prior year of $47.7 million.
• Maintenance adjusted EBITDA margin of 11.9%, an increase of 50 basis points compared to prior year of 11.4%.
• Completed four acquisitions since the beginning of fiscal 2021, with approximately $80 million in annualized revenue.