News

July 31, 2020

Altos and Gemini Invest in Commercial Landscape Maintenance Company

Transaction Creates Platform for Buy-and-Build Growth Strategy

Houston, TX (July 31, 2020) – Altos Partners (“Altos”), 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 Altos 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 Director of Altos, “inclusive of Orion Waste Solutions in the solid waste business, JL Filtration in the industrial water filtration market, and now Westco, Altos 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 Altos Partners and affiliates and Gemini Investors VI, L.P. Credit facilities were provided by Cadence Bank N.A. Terms of the transaction were not disclosed.

About Altos Partners
Altos Partners brings over 70 years of private equity and 120 years of operating experience to portfolio companies via its seasoned team of general partners. Since 2011, the firm has managed more than $300 million of investments in lower middle market companies with revenues under $100 million. Altos focuses on industrial, environmental, infrastructure, and transportation investments. Altos is widely recognized for working with owners to structure flexible acquisition terms that set the stage for healthy, productive, and successful long-term partnerships.

About Gemini Investors
Founded in 1993, Gemini 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.