- Leadership: Kurt Bland
- Prospect Team: Erik Maurer, Brad O’Dell
- Location: Apex, NC
- Industry: Specialty Service (B2B)
- Investment Date: December 2017
- Exit Date: Active
Bland Landscaping provides a comprehensive suite of premium landscaping services to commercial clients, such as class A offices, HOAs, municipalities, and industrial centers. Bland is a premier provider of commercial maintenance landscaping services in the Southeast, with a market-leading position in North Carolina.
Our active investment in Bland is a great example of how we back strong management teams and help them build a scalable organization that can capitalize on geographic expansion opportunities through internal investment as well as add-on acquisitions.
We were introduced to Kurt and Matt Bland, the second-generation leaders of Bland, via a landscaping industry-focused investment banker. Kurt and Matt were looking for a partner to help them capitalize on growth opportunities that required additional capital and serve as an active partner as they expanded the Bland platform across the Carolinas. Kurt and Matt selected us as their partner because of our willingness to structure a transaction that gave their management team the opportunity to retain significant ownership in the business and collaborate on a shared vision for the company.
We saw a very talented, ambitious, family-led leadership team providing a high-quality, recurring service with a proven playbook for profitable growth in an attractive region of the country. Due to the company’s exceptional service, Bland had excellent contract retention levels. As a result, Prospect Partners made a control-equity investment in Bland and is focused on leveraging Bland’s strong reputation in the fragmented commercial landscaping market to grow both organically and through acquisitions.
- Mapped the market and performed initial outreach to hundreds of potential add-on targets in Bland’s territories
- Completed one add-on acquisition with a deep pipeline of identified opportunities
- Investing in external sales team to accelerate contract growth
- Entering new contiguous geographic markets
- Strong partnership formed with Kurt and Matt Bland
- Implemented first equity incentive program for other managers
- Developed structured board reporting package with appropriate KPIs and metrics
- Building upon a strong existing financial organization, completed first external audit
- Continuing to enhance the company’s industry-specific IT platform with new modules and capabilities
- Enhanced financial reporting package
Management Team Additions
- Implemented branch management structure, freeing up senior management to focus more on growth and strategy
- Added first outside salesperson
- Building out finance organization to allow senior management to spend more time on operations
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