Fairway Lawns receives new investment funding

Investment funds managed by Morgan Stanley Capital Partners, the middle-market focused private equity team at Morgan Stanley Investment Management, have completed an investment in Fairway Lawns.

MSCP is partnering with the current management team led by CEO Kyle DeMilt, who will continue to lead the business.

Headquartered in Little Rock, Arkansas, Fairway is a residential lawn care company. The company, which operates 16 branches across the Southeast region, primarily provides recurring lawn care services such as weed control and fertilization, in addition to complementary services including pest control and tree/shrub maintenance.

“For nearly 40 years, Fairway has consistently delivered best in class residential lawn care services to our customers, and we are thrilled to partner with MSCP on the next phase in our history,” said Kyle DeMilt, CEO of Fairway. “We look to leverage MSCP’s approach to operational excellence, as well as their experience completing complementary acquisitions to accelerate the expansion of Fairway’s capabilities and geographic footprint in the coming years.”

“We are excited to partner with Kyle and the Fairway team as they continue to work to build the company into the leading residential lawncare platform in the Southeast," said Adam Shaw, managing director and head of business services at MSCP. "For MSCP, Fairway represents an opportunity to execute on our core strategy of investing in focus sub-sectors where we have deep institutional knowledge and experience to drive value creation. We look forward to working together to advance the company’s market leadership position through organic growth and acquisitions.”

Debevoise & Plimpton served as legal counsel to MSCP, and Solomon Partners served as MSCP’s financial advisor. Carlyle Global Credit acted as sole administrative agent, bookrunner and arranger on the financing. Harris Williams served as financial advisor to Fairway.