Gridiron Capital has refinanced Yellowstone Landscape Group
Lincoln International LLC (“Lincoln International”), a leading global mid-market investment bank, announced the closing of a refinancing transaction for Yellowstone Landscape Group, Inc. (“Yellowstone”), a portfolio company of Gridiron Capital LLC (“Gridiron”). Headquartered in Bunnell, Florida, Yellowstone is a leading provider of landscaping services to commercial, governmental and institutional customers located in the Southeastern United States and Texas.
Lincoln International acted as exclusive financial advisor to Gridiron and the Company, helping to arrange, structure and negotiate the refinancing. The debt financing was comprised of senior asset based credit facilities provided by AloStar Business Credit and junior term debt provided by Triangle Capital Corporation. Proceeds from the transaction were used to refinance the Company’s existing indebtedness, pay fees and expenses associated with the transaction and provide for Yellowstone’s ongoing working capital and capital expenditure requirements.
Owen Tharrington, a Managing Director of Gridiron, commented, “We are extremely pleased with the outcome of Lincoln’s process. Lincoln’s market knowledge and contacts allowed us to identify the ideal partners for this transaction, simplify Yellowstone’s capital structure and refinance the Company with terms and pricing that exceeded our expectations.”
Bob Horak, Managing Director and co-head of Lincoln’s Debt Advisory Group, added, “The Yellowstone transaction is a perfect example of how financial sponsors can optimize a financing by engaging Lincoln to execute a competitive capital raising process. The financing package enabled the Company to benefit from current market conditions, lower its cost of capital and enhance terms and conditions. It is especially satisfying to provide Yellowstone with a capital structure that offers the flexibility needed to fund its ongoing strategic and operational initiatives.”
About Yellowstone Landscape Group
Headquartered in Bunnell, Florida, Yellowstone Landscape Group is an award-winning provider of a variety of landscaping services to commercial, governmental and institutional customers located in the Southeastern United States and Texas. Yellowstone’s comprehensive and sophisticated suite of landscaping services includes ongoing maintenance services (such as mowing, detailing, irrigation systems maintenance and turf management), specialized maintenance services (such as wide-area mowing and arbor care) and landscaping design and installation services. More information about Yellowstone can be found on the Company’s website at www.yellowstonelandscape.com.
About Gridiron Capital
Headquartered in New Canaan, Connecticut, Gridiron Capital is a private equity firm focused on creating value by acquiring and building middle market manufacturing, service and specialty consumer companies in the United States and Canada. Gridiron’s principals work closely with management teams to develop strategies for portfolio companies, as well as provide resources to execute business plans and build industry-leading companies. Gridiron focuses on making control equity investments in businesses with earnings before interest, taxes, depreciation and amortization (EBITDA) of $5 million to $30 million. Additional information is available on the firm’s website at www.gridironcapital.com.
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