- Private equity-backed platforms buy most commercial landscaping companies that sell. KPMG puts them at 76% of 2025 landscaping deal volume. Most companies with $5 million to $15 million of revenue are bought as add-ons to a platform already operating nearby. Larger companies with real managers can also attract sponsors forming a new platform.
- The busiest buyers in 2026 were Riverview, whose count went from its 20th acquisition in January to its 26th in July, and Visterra and Landscape Workshop, with four announced deals each.
- Sponsors keep forming new platforms, including two built on Michigan and Ohio companies since November 2025.
- Add-on buyers pay for routes near branches they already run. A sponsor forming a platform pays for a management team and usually asks the founders to keep a stake.
- If a platform is already calling, treat the call as the start of a process: learn who owns the buyer, and get a range in writing before you share financials.
- Schill Grounds Management, an established 34-branch platform owned by TruArc Partners since January 2026, lists Ohio, Kentucky, Pennsylvania, Illinois, Indiana, Michigan and Ontario as its markets. It made its first Michigan acquisitions in February 2026.
- Ruppert Landscape (Knox Lane) entered Ohio in April 2026 by buying Five Seasons Landscape Management in Columbus.
- Yardmaster, Unity Partners’ Midwest platform, was formed in December 2025 by combining Yardmaster (Columbus), Big Lakes Lawncare (Detroit), Good Guys (Ann Arbor) and Kunco (Erie, PA).
- Green Summit Landscape Group, formed in Michigan by Century Park Capital in November 2025, announced R&D Landscape and LandMark Landscape of Lansing in April 2026.
- DJ’s Landscape Management, founded in Grand Rapids and backed by MRE Capital, a family office (an investment firm that manages one family’s money), added Greenscape and Meadow Green Landscaping in July 2026.
- Snow counts for more here. Plow routes, salt supply and winter crews matter more to a Snowbelt buyer than to a Sunbelt platform.
Most of these buyers arrived in the last year, so a well-run Midwestern company may be looked at as a market entry, not just a tuck-in.
Who is buying commercial landscaping companies in 2026
As of October 26, 2026, most commercial landscaping companies that sell are bought by private equity-backed platforms. A platform is the first company a private equity firm, or sponsor, buys in a sector and builds around. An add-on is a company that platform buys afterward to fill in its map.
Capstone Partners counts private equity-backed buyers on 32 of 45 landscaping and lawn care deals (71.1%) in 2026 through July 27, in a category that includes residential lawn care. Capstone counts fewer landscaping and lawn care deals in 2026 than in 2025, 45 against 68 through late July, but several new platforms formed in the same months. Fewer deals has not meant fewer buyers.
The tables below name 20 buyers we could confirm from announcements in 2025 and 2026. The busiest in 2026 were Riverview, whose count went from its 20th acquisition in January 2026 to its 26th in July, and Visterra and Landscape Workshop, with four announced deals each. The first table lists platforms already operating, the buyers most owners meet first, usually as an unsolicited call.
| Platform | Sponsor | Announced deals | Where it buys |
|---|---|---|---|
| Visterra Landscape Group | Trinity Hunt | 4 in 2026; latest Richmond & Associates, Texas (Aug 2026), its 16th since 2022 | “High-growth Sunbelt markets”; 16 states |
| Landscape Workshop | Ares (since May 2025) | 1 in 2025, 4 in 2026; latest Landwise, Sarasota (Oct 2026) | The South, now Utah; 16 states |
| Ruppert Landscape | Knox Lane | 1 in 2025, 2 in 2026; latest Five Seasons, Columbus, OH (Apr 2026) | 11 states and DC |
| Juniper Landscaping | Bregal Partners | 2 in 2026; latest Compass Environmental and Aquatic Weeds, FL (Jul 2026) | “Florida and all Sunbelt states” |
| Bland Landscaping | Vesterra Capital (formerly Comvest) | 1 in 2025, 1 in 2026; latest two South Carolina companies (Aug 2026) | The Southeast; 17 branches |
| Russell Landscape Group | The Sterling Group | 2 in 2025; latest Utz Environmental, Austin (Nov 2025) | The South; six states |
| HighGrove Partners | Agellus (since Nov 2025) | 3 in 2026; latest O&A Landscaping, Orlando area (Aug 2026) | Georgia and Florida |
| LMC Landscape Partners | Trivest | 2 in 2026; latest Prestige, Dallas (May 2026), its seventh | The Southeast (per Pro Landscaper) |
| Osprey Landscape Group | Southfield Capital | 1 in 2025, 1 in 2026; latest Palm Gardens, Dallas-Fort Worth (Mar 2026) | Oregon, Washington, Texas |
| Riverview Landscapes | Talus Holdings and management | 20th acquisition in Jan 2026, 26th in Jul 2026; latest Kevin Labadini Corp., Shrewsbury, MA | NY, NJ, CT, PA, MA |
| Schill Grounds Management | TruArc (since Jan 2026) | 3 companies in Feb 2026, its first in Michigan | OH, KY, PA, IL, IN, MI, Ontario |
| DJ’s Landscape Management | MRE Capital (family office) | 2 companies in Jul 2026, its fifth and sixth add-ons | “Multi-regional, four-season”; from Grand Rapids |
| Monarch Landscape Companies | Audax | 4 companies in 2025, per its own site | The West |
| Tri Scapes | Hidden Harbor | Blake Landscapes, Virginia (Sep 2025) | Into Virginia |
Every deal in the table, with sources
- Visterra: Land Corps, Brentwood, TN (Apr 2026); Clover, Huntsville, AL (May, archived); Qualitiscape, Fort Worth (Jul); Richmond & Associates, Dallas and Houston (Aug). Trinity Hunt ownership per Generational Group.
- Landscape Workshop: Land Care Solutions, Tampa (Jul 2025); Ginkgo Landcare, Tampa (Jan 2026, Pro Landscaper); Palm Atlantic, Fort Lauderdale (Jun); Outworx Group’s maintenance businesses in Orlando, Dallas and Salt Lake City (Aug); Landwise, Sarasota (Oct).
- Ruppert (PR Newswire, archived): Lawnscapes, Panama City, FL (Jan 2025); Landscapes Unlimited, Wilmington, NC (Mar 2026); Five Seasons, Columbus, OH (Apr 2026).
- Juniper: Hilton Head Landscapes, SC (Jun 2026, PE Professional); Compass Environmental and Aquatic Weeds, Central Florida (Jul 2026, Business Wire via Yahoo Finance).
- Bland: C.S.S. Landscaping, Jacksonville, FL (Sep 2025, archived); Charleston Grounds Management and Clear Lakes and Wetland Services, SC (Aug 2026).
- Russell: Executive Landscaping and Southern Hospitality, FL (May 2025); Utz Environmental, Austin (Nov 2025), its fifth since 2024.
- HighGrove: Synergy, Tampa (Apr 2026, Business Wire via Wedbush); Lawn Enforcement Agency, Gainesville, FL (May, Pulse 2.0); O&A, Orlando area (Aug, Pulse 2.0).
- LMC: Shinto, Florida (Feb 2026, Pro Landscaper); Prestige, Dallas (May, archived).
- Osprey (PR Newswire, archived): Earthworks, Texas (Jul 2025); Palm Gardens, Dallas-Fort Worth (Mar 2026).
- Riverview: Meticulous, Ocean County, NJ (Jan 2026, its 20th; archived); Unisource, Hudson, MA (Mar, 22 to date); Kevin Labadini Corp., Shrewsbury, MA (Jul, its 26th; Worcester Business Journal).
- Schill: TruArc’s purchase from Argonne Capital Group (Jan 2026, archived); Begonia Brothers and Atlas Outdoor, southeast Michigan, and Brogan, southeastern Pennsylvania (Feb 2026, archived).
- DJ’s: Greenscape and Meadow Green (Jul 2026).
- Monarch: four companies in 2025, including ValleyScapes and Bison Gardens, and four in 2024.
- Tri Scapes: Blake Landscapes, Virginia (Sep 2025).
About a dozen quick questions and two minutes get you a ballpark range for your business, built from published industry transaction multiple ranges, with the math behind it. It is a directional estimate, not a formal valuation.
Value My BusinessThe second table lists the newest buyers: sponsors that bought a first landscaping company to build around, or recapitalized one (bought control while the owners kept a minority stake), between September 2025 and October 2026. Capstone says years of consolidation, with “dozens of existing sponsor-backed platforms competing for add-ons,” have made new platform formation “increasingly challenging.” Sponsors keep doing it anyway, and a sponsor forming a platform is often the buyer that pays most for the right company.
| Platform | Sponsor | How it started | What it wants |
|---|---|---|---|
| HighGrove Partners, Atlanta | Agellus Capital | Acquired Nov 2025; four Atlanta-area locations | Platforms in “large, fragmented markets” |
| Green Summit Landscape Group, Michigan | Century Park Capital | Formed Nov 2025; two Lansing-area companies added Apr 2026 | “Founder-led, service-driven businesses” |
| Yardmaster, Midwest | Unity Partners | Formed Dec 2025 from four companies in Ohio, Michigan and Pennsylvania, all under the Yardmaster brand | A Midwestern platform |
| Elevation Landscape Group | Trinity Hunt (Fund VII) | Landscape Endeavors, Colorado Springs, May 2026 | Commercial maintenance, enhancements, installation and winter services in the West |
| Integrity Landscape, Bay Area | Kian Capital | Acquired Oct 2026; five branches, 385+ employees | Northern and Southern California, Arizona, Nevada |
| Hatcher Landscape Partners | Walnut Grove Capital | Described as newly formed when it bought GreenView Partners (Raleigh) in Sep 2025, joining it with Michael Hatcher & Associates (Olive Branch, MS) | “The premier landscape service provider in the Southeast” |
| Coastal Greenery, Brunswick, GA, and an unnamed Southern platform | Abry Partners | Two majority recapitalizations listed among Abry’s 2026 investments | Commercial maintenance, enhancements and irrigation in the South |
Table sources
Agellus via Business Wire (archived); Century Park via Business Wire (archived) and Century Park (R&D Landscape and LandMark Landscape of Lansing); Unity Partners (Yardmaster of Columbus, Big Lakes Lawncare of Detroit, Good Guys of Ann Arbor, Kunco of Erie, PA); Trinity Hunt Partners; Kian Capital; DeSoto County News; Abry Partners 2026 mid-year update. HighGrove’s 2026 add-ons are in the first table.
What the deal log tells an owner
The South is where buyers are crowded. Seven platforms in the first table announced Florida acquisitions in 2025 or 2026, and five announced Texas deals. The Midwest has fewer buyers, and most of them are new to it, as the box above shows.
Platforms are adding services as well as branches. Juniper said its two July 2026 acquisitions “create a scalable aquatic maintenance platform within Juniper,” and Bland’s August 2026 deal included a pond and wetland company. Capstone notes buyer interest “has increasingly expanded into adjacent categories (e.g. tree care, irrigation, artificial turf).” A strong irrigation, tree or water management line can be a reason a buyer wants you.
Nobody publishes the price. Not one of the announcements behind these tables disclosed a purchase price or a multiple. Published landscaping multiples are advisors’ ranges and public trading prices; our valuation multiples guide explains which one fits a company of your size.
The buyer types and what each one pays for
Every buyer in those tables pays for something different, and it shows up in the offer. BrightView’s annual report describes a typical maintenance branch as one that “typically serves 25-150 customers across 50-250 sites, generating between $5 million and $20 million in annual revenues.” To a consolidator, a company that size is a branch.
An add-on buyer with a branch nearby can run your routes alongside its own, share a yard, and buy materials and insurance at scale. What it is buying is route density: more stops per crew-hour in a tight area. Those savings let it pay more, and they are also why it may not need your office staff or your name. A sponsor forming a new platform has nothing to fold you into, so it pays for your managers, systems and market position. Two serious buyers can read the same income statement and arrive at very different prices and structures.
Add-ons to an existing private equity-backed platform
This is the most common buyer. The platform already has leadership and a back office, and it returns to a market until its routes are dense. PE Professional reported that Juniper’s purchase of Hilton Head Landscapes, its second in South Carolina’s Lowcountry, “adds density.” Landscape Workshop’s July 2025 purchase of Land Care Solutions was its “seventh acquisition in the Tampa area.”
- What it pays for: contracted maintenance revenue in or near its markets, account managers who keep the customers, and crews it can retain.
- Typical structure: cash at closing, often with part of the price reinvested in the platform (rollover equity), plus an escrow, money held back for a set period against claims after closing. Ruppert’s acquisitions page pitches “Receive Cash Today & Maintain Equity Ownership,” a structure that lets sellers “take chips off the table” while sharing in the upside.
- After closing: routing, purchasing, payroll and reporting move onto the platform’s systems. Whether your name, branch manager and office stay is something to negotiate, in writing.
- Closing certainty: generally high, because its financing is usually in place, though larger add-ons may need lender or investment committee sign-off. Ask where the platform is in its hold period. One preparing for its own sale may pause add-ons, and your rollover would have a short runway.
A private equity firm forming a new platform
Sponsors buying a first landscaping company publish their size floors. Agellus “targets platforms of $2 million to $20 million of EBITDA,” and Southfield Capital, which backs Osprey, “targets companies with $4 - 20 million in EBITDA,” according to its 2025 release. Below those floors, the same company is more often an add-on.
What tips a company into platform territory is mostly people. Kian Capital’s announcement of its Integrity Landscape purchase noted that Integrity “is led by industry veteran CEO Raitis Raisian and a long-tenured regional leadership team.” A sponsor without that has to recruit it: Trinity Hunt’s page for Elevation lists its leadership status as “Active Search Underway.”
- What it pays for: a management team, clean financial reporting, and a market position other companies can be added to.
- Typical structure: the founders usually keep a stake. In Century Park’s first Green Summit deal, “The owners are retaining a meaningful ownership position and will continue to lead the business going forward.” Abry Partners lists both of its 2026 landscaping investments as majority recapitalizations.
- Closing certainty: lower than an add-on, with new financing and deeper diligence. Ask what approvals remain and how firm the debt is before you sign exclusivity, the period after a letter of intent (LOI) when you agree not to talk to other buyers.
Strategic and employee-owned buyers
Tree care companies such as the employee-owned Davey Tree Expert Company, whose announced acquisitions continued into October 2026, and Bartlett Tree Experts, which bought Olympia Tree Care in February 2026, buy within their own lanes. They usually pay cash and rarely offer rollover equity, so they belong on the list for a company with a large tree or plant health care line.
Family offices and long-hold capital
Some platforms are backed by investors without a fixed fund life. DJ’s Landscape Management is backed by MRE Capital, which its release describes as “formed as the family office of David Williams,” with “a long-term investment horizon.” If you are rolling equity, a longer horizon changes when the next sale, and your second payday, might come.
Search funds, independent sponsors and SBA-financed buyers
At the small end, search funds (an individual backed by investors to buy and run one company) and independent sponsors (dealmakers who raise money deal by deal) finance acquisitions with bank debt, often through the SBA’s 7(a) program of government-guaranteed loans. The SBA says the maximum loan amount for a 7(a) loan is $5 million, which caps what such a buyer can pay without other investors. Expect a seller note (a loan from you to the buyer) or an earnout (more paid later if the business hits agreed targets) to bridge the gap.
We found no announcement of one buying a commercial landscaping company in 2024 to 2026, though deals that size are rarely announced. See Selling to a Search Fund or Independent Sponsor and Seller Financing and Seller Notes.
Independent competitors
A regional competitor can be a natural buyer, especially next door, though these deals are seldom announced. A competitor knows your customers and crews, which is both why it can pay and why talking to one early is the riskiest way to start. Bring a competitor in under a confidentiality agreement, alongside other buyers, and later than a financial buyer. See Strategic Buyer vs. Private Equity Buyer and ESOP vs. Private Equity vs. Strategic Buyer.
Is BrightView still buying landscaping companies?
Not on the evidence of its own filings. BrightView, the largest commercial landscaper, says in its fiscal 2025 annual report that “we believe we are the acquirer of choice in the highly fragmented commercial landscaping industry.” The cash flow statement in the same report shows business acquisitions of $13.8 million in fiscal 2023 and nothing in fiscal 2024 or 2025. Its 10-Q for the quarter ended June 30, 2026 shows no cash spent on business acquisitions in the first nine months of fiscal 2026.
On acquisitions, the company says, “We continue to consider acquisition opportunities, but the size and timing of any future acquisitions and the related potential capital requirements cannot be predicted.” Its annual report for the fiscal year ended September 30, 2026 had not been filed when we checked EDGAR on October 26, 2026. BrightView may start buying again, and it is worth a call in a well-run process. A sale plan that depends on it is not.
Platform or add-on: where your company fits
Whether you are an add-on or a platform candidate depends on earnings and management depth more than on revenue alone. Using BrightView’s fiscal 2025 adjusted EBITDA margin of 13.2% as a rough guide for a well-run company, a company would need about $15 million of revenue to reach the $2 million of EBITDA at the bottom of Agellus’s range ($2 million ÷ 0.132). Margins differ widely, and a $2.67 billion company’s margin is not yours, but the arithmetic shows why most commercial landscapers with $5 million to $15 million of revenue are bought as add-ons, and why a $20 million to $75 million company with real managers has more than one kind of buyer.
| Your company | Most likely buyers | What decides the outcome |
|---|---|---|
| Owner-run, under about $1 million of EBITDA | Nearby platforms as a tuck-in; SBA-financed and individual buyers; local competitors | Route density next to a buyer’s branch; how much depends on you personally |
| About $1 million to $2 million of EBITDA, some management | Platforms entering or filling in your market | Retention by account and property manager; whether account managers stay |
| About $2 million to $20 million of EBITDA with a leadership team | New-platform sponsors and existing platforms, often in the same process | Depth of management, reporting quality, and a market others can be added to |
| A large tree, plant health or water management line | The above, plus tree care and adjacent platforms | Whether that line is reported separately with its own margin |
Table basis
Platform thresholds from Agellus and Southfield Capital as cited above. The rest reflects how buyers reason; it is not a measured cutoff. For what each band tends to be worth, see our valuation multiples guide, and for the economics of selling into a buy-and-build, how roll-ups work.
How deal structure differs by buyer
The headline price is the least informative number in a landscaping offer. What matters is what arrives at closing, what is held back, and what depends on the future.
Rollover equity. Most private equity offers in this sector ask the seller to reinvest part of the price in the buyer. That stake is worth something only when the platform itself is sold, and platforms do change hands: Carousel Capital sold Landscape Workshop to Ares in May 2025. Ask what class of equity you would hold, who is paid ahead of you, and whether future acquisitions dilute you. Rollover Equity Explained covers the questions in detail.
Earnouts, escrows and seller notes. In landscaping an earnout usually measures retention or revenue, both of which the buyer controls once it runs the company. A seller note is common with SBA-financed buyers. All three move money from closing day into the future, so compare offers on cash at closing first. See Earnouts, Escrows, and Holdbacks.
Two offers for the same company: a hypothetical example
Every figure here is invented to show the arithmetic; the implied multiples, 5.5x and 6.25x, sit inside Salt Creek’s working range for commercial maintenance and are not a pricing opinion. A hypothetical company has $2,000,000 of adjusted EBITDA and no debt. It receives two letters of intent, each with a 10% escrow released after 18 months.
Offer A, an add-on buyer. Enterprise value of $11,000,000, all cash. Cash at closing: $11,000,000 − $1,100,000 escrow = $9,900,000.
Offer B, a sponsor forming a platform. Enterprise value of $12,500,000, including a $1,000,000 earnout tied to revenue retention over two years, with 25% of the enterprise value rolled into equity in the new platform. Cash at closing: $12,500,000 − $3,125,000 rollover − $1,000,000 earnout − $1,250,000 escrow = $7,125,000.
The comparison. Offer B has the higher headline by $1,500,000 but pays $2,775,000 less at closing. Whether it is the better offer depends on what the $3,125,000 stake is worth at the platform’s eventual sale, how likely the earnout is to pay in full, and whether you want to keep running the company.
Two things narrow the gap in practice. Rollover is usually structured to be tax-deferred, so you pay no tax today on the rolled stake while all of Offer A’s closing cash is taxable, and the after-tax gap at closing is smaller than the pre-tax one. And many private equity buyers use representations and warranties insurance, a policy that covers claims a seller would otherwise fund from escrow, which shrinks the escrow. Ask each buyer whether it will use it.
Side-by-side offer comparison
Treat the entries as questions to ask each buyer.
| Offer term | Add-on to PE platform | New platform sponsor | Strategic or employee-owned | SBA or individual |
|---|---|---|---|---|
| Cash at closing | Net of debt, escrow and the working capital adjustment | Separate from the rollover | Usually most of the price | Lender share vs. seller note |
| Equity you keep | Stake in existing platform | Often a larger stake | Rarely offered | Rarely offered |
| Deferred pay | Escrow; sometimes an earnout | Escrow; retention earnouts common | Escrow or holdback | Seller note; sometimes an earnout |
| Your role | Transition; branch role if wanted | Often CEO or board seat | Transition period | Training and transition |
| Crews, name, yard | Ask what moves, and when | Usually kept as the base | Ask about brand and yard | Usually kept |
| Closing risk | Diligence; financing usually set | New financing, deeper diligence | Internal approvals | Lender approval, appraisal |
Before you agree to exclusivity, ask each buyer to put its financing, payment conditions and transition plan in writing. Our letter of intent guide explains which of those terms are binding.
Landscaping issues that change an offer
Every buyer type diligences the same landscaping risks, and they decide how much of the price is put at risk. Our guide to selling a commercial landscaping company covers each in depth.
- Retention. Maintenance agreements are usually cancelable on short notice, so buyers look past contract terms to account-level retention and to how many sites sit with a few property management firms. Weak retention data is a common reason buyers ask for an earnout.
- Snow. Buyers restate snow earnings to an average winter, so a big season shows up as a higher normalization, not a higher price. They also read the contract mix. Seasonal contracts, often with minimums or caps, bring steady revenue whatever falls; per-event, per-push, per-inch and time-and-materials work swings with the weather. Expect questions about salt cost and supply, and about how many plow routes you subcontract, since that is capacity you do not control.
- Enhancements and installation. Buyers value project work below contracted maintenance because it has to be sold again every year. Report it separately, with its own margin.
- Your yard and fleet. If you own your yard, often in a separate entity, most buyers would rather lease it from you at market rent than buy it. If the company has been paying you below-market rent, the buyer restates rent to market, which lowers EBITDA and the price with it. Trucks and equipment are normally included in the price. Deferred replacement lowers it, and equipment loans are paid off from it at closing.
- Non-compete and transition. Expect a non-compete and a defined transition role, with consulting time usually paid. Negotiate the length, the radius and the pay before exclusivity, while other buyers are still interested.
- Key managers and crew leaders. Buyers often want retention bonuses for the people who hold accounts and run crews. Settle who funds them, you or the buyer, and what happens if your operations manager will not sign.
- H-2B labor. Buyers ask what share of your peak crew depends on capped seasonal visas and what you would do in a year your petition does not clear.
- Seasonal working capital. The working capital target, or peg, should reflect a full seasonal cycle, or a spring or fall closing can cost you. See The Working Capital Peg.
- Your age and how long you want to stay. A sponsor forming a platform usually wants the founder, or a successor, in place for years. An add-on buyer typically wants a shorter transition.
- Taxes. The structure decides how much of the price you keep. See How to Minimize Taxes When Selling Your Business and Asset Sale vs. Stock Sale.
What happens to your crews, branches and name
Announcements show what buyers say they intend. Pro Landscaper reported that LMC focuses on founder-led firms “while preserving local leadership and company culture.” Green Summit describes keeping the “local culture and operating philosophy” of the companies it combines. When Unity Partners formed its Midwest platform, it said all four companies would operate under the Yardmaster brand, so three founders’ names are being retired.
None of that binds a buyer in your deal. What does: the purchase agreement, your employment or consulting agreement, and any retention bonuses negotiated for key managers. If keeping your crews, your branch manager or your name matters to you, raise it before exclusivity, when you still have other offers.
Why running a competitive process matters
Deal counts are down, but the buyers chasing each company are not. Brad Goldstein, a director at Capstone, put it plainly in the firm’s October 2026 report: “The traditional roll-up lanes are getting crowded as PE platforms are now competing for the same HVAC, pest, and landscaping add-ons.”
An inbound call gives the buyer control of the timing and the information. Riverview’s July 2026 purchase of Kevin Labadini Corp. was “the result of two years of discussions,” according to the Worcester Business Journal. Patience can work, but one buyer over two years is a negotiation, not a market. A process puts several qualified buyers in front of the same information on the same calendar, so the one that values your routes most has a reason to say so.
If a platform is already calling you
A call means someone has already decided your company is worth a look. Treat it as the start of a process you run.
- Ask who owns them. Which sponsor backs the platform, and which deals has it closed in your state?
- Ask how they see you. Are you an add-on to a branch they already run, or their entry into your market? A market entry needs your managers to stay, and the offer should reflect that.
- Share no financials before a confidentiality agreement. Even then, customer names and crew lists come much later.
- Do not name a number first. Ask for a range and the structure in writing: cash at closing, rollover, escrow and any earnout. That letter is an indication of interest, a non-binding step that comes before an LOI.
- Remember what a call is. A call is not an offer, and the bid you get alone is the floor.
Serious buyer or fishing call
Notice who is calling: a deal partner who can commit the fund, or an analyst working through a list. A serious buyer names its fund without being asked and can point to deals it has closed near you. Listen, too, for what it asks first. Questions about retention by account, route maps and crew leaders come from a buyer that has done this before; a request for only revenue and EBITDA usually means a list. For how to weigh an offer you already have, see How to Evaluate an Unsolicited Offer.
Questions to ask each buyer before you sign exclusivity
Once you sign a letter of intent with exclusivity, you usually cannot talk to other buyers for the agreed period. Get these answers first, in writing.
- Cash. How much do I receive at closing after debt, escrow, transaction expenses and the working capital adjustment? How is the working capital target set, and on which months?
- Funding. Is the debt committed? What approvals remain, and who gives them?
- Equity. If I roll equity, into which entity, what class, who is paid first on a sale, and when do you expect to sell?
- Earnout. What exactly is measured, who controls pricing and staffing during the measurement period, and what happens if you consolidate my routes into yours?
- People and place. Which managers and office staff do you keep, what is the plan for H-2B workers, and for how long do my name, yard and branch stay?
- Track record. May I speak with two owners who sold to you, one of them at least two years ago?
How long a landscaping sale takes
In the IBBA and M&A Source Q2 2026 Market Pulse survey, covering all industries, lower middle market deals averaged 11 to 12 months from engagement to close. Landscaping adds its own calendar. Going to market in the fall puts a full season of numbers in front of buyers. Many commercial contracts renew over the winter, and buyers want to see that renewal cycle. A late-winter or spring closing means the buyer funds the spring working-capital build, and the peg should reflect it.
How Salt Creek helps owners compare landscaping buyers
Salt Creek Advisory is a family-owned investment bank. Brothers Jack Pitts and Connor Pitts work directly with owners of companies with about $2 million to $75 million in revenue. If we represent a landscaping owner, we would bring the platforms in these tables, and buyers that are not in them, into one confidential process on the same calendar, then compare their offers on cash at closing, structure and what happens to your people.
Jack worked in private equity business development at Blue Wolf Capital and Kingfish Capital, and he leads the firm’s buyer outreach. Gary Dennis, a part-time senior advisor to the firm, co-founded and led Mammoth Holdings, which grew through more than 30 acquisitions into one of the largest express car wash companies in the country. That is the same buy-and-build model these landscaping platforms use. For standard M&A engagements there is no upfront retainer, and the success fee is earned when a transaction closes.
If you want a starting range before talking to anyone, the Value My Business tool lets you choose commercial landscape maintenance or landscape design and build. It starts from Salt Creek’s working ranges of 4.0x to 6.5x EBITDA for commercial maintenance and 3.5x to 5.5x for design and build. The result is a directional estimate. It is not a formal valuation or appraisal. See also our business services M&A advisory page and how other advisors approach this sector.