Dallas, TX – December 31, 2020 – Riata Capital Group (“Riata” or “RCG”) today announced that it has completed the recapitalization of Greenix Pest Control (“Greenix” or the “Company”) in partnership with Bob Nilsen and the Company’s management team. Greenix, estimated to be the 14th largest residential pest control company in the U.S. based on subscribers, is a market-leading provider of subscription-based pest control services to residential customers in fourteen markets across the Midwest, Mid-Atlantic, and Eastern regions of the United States. This marks RCG’s first investment as a part of the firm’s strategy to allocate capital to opportunities in the residential home-services sector. Terms of RCG’s investment were not disclosed.
Barron Fletcher, Managing Partner of RCG, said, "We have been impressed by the unique platform that Bob Nilsen, Bridger Thomas and their team have built in Greenix, creating a high-quality, next-generation pest control services provider committed to excellent service and customer satisfaction. Their commitment to their people, high-energy culture and strong management and infrastructure have allowed them to build and scale a differentiated platform within the sector. Based on our team’s experience building numerous, leading multi-site consumer platforms, we believe we represent a great value proposition for Greenix as their investment partner. We look forward to contributing to their continued growth in existing markets and their successful entry into new ones."
RCG Managing Partner, Jeff Fronterhouse, said, “We are excited to partner with such a well-positioned and well-managed platform. Bob, Bridger and the broader leadership team at Greenix have built an impressive business with great people, processes and infrastructure. Importantly, this partnership with Greenix marks the first investment of RCG’s strategy to allocate as much as $150-200 million of equity capital over the next three to five years to investments in the residential home-services sector. With respect to Greenix, RCG will look to deploy additional capital in the platform through time to support the Company’s continued expansion including pursuing synergistic and targeted add-on acquisitions.” Fronterhouse added, “Similar to our residential home-services strategy, RCG has allocated significant capital to current platform strategies serving the Hispanic consumer and the eye care industry”.
Regarding their new partnership with Riata, Bob Nilsen, CEO of Greenix, said, “We are excited to have Riata as our investment partner. They are a great fit for our company culturally and strategically. Since originally investing in Greenix in 2014, our goal has been to build a world-class service provider that is differentiated on quality, service and customer satisfaction. Both our customers and our teams in the field know they have our 100% commitment, which has been a cornerstone of our success in building Greenix to date. Our partnership with Riata will build upon this commitment as they bring considerable experience and resources to help further elevate the business while allowing us to remain true to our mission and vision.”
President Bridger Thomas said, “Our partnership with Riata will help us navigate the challenges we will face as we enter our next phase of growth while also supporting our unique culture and dedication to customer service. Not only do they understand our business, the really understand our culture.”
About Riata Capital Group
RCG is a leading Dallas-based private equity investment firm that partners with seasoned management teams to invest in growing, profitable, privately held companies across North America with a focus on three industry sectors: consumer, business services, and healthcare services. The firm takes a selective approach to investing in high-potential businesses whose owners and management teams want an investment partner with the capital, experience, and record of successful collaboration required to achieve their liquidity and value-creation objectives. Since 2016, RCG has closed over 70 acquisitions, and over the course of their careers, the principals of RCG have sponsored over 200 acquisitions representing over $4.8 billion in transaction value. The firm targets equity investments of $25-150 million in companies with $5-30 million of EBITDA. With significant investment experience, a balanced team with financial and operating expertise, a strong team of seasoned operating partners, and significant experience in the firm's core sectors, Riata provides a compelling value proposition to business owners and entrepreneurs.
About Greenix
Greenix Pest Control is a high-growth provider of subscription-based, residential pest control services to customers in 14 markets clustered in the Midwest, Mid-Atlantic, and Eastern U.S. The Company provides a full range of in-home and exterior services that address general pests, ticks, flees, mosquitoes, and rodents, among others, typically through service contracts providing quarterly or monthly treatments. Since its founding in Columbus, Ohio in 2011 by Matt and Gina Flanders, Greenix has stayed true to its total dedication to high quality service, strong customer satisfaction and support for its family of technicians deployed in its local service areas. Matt and Gina also established a focus on building Greenix into an environmentally friendly and sustainable platform. At Greenix, the Company’s commitment extends beyond providing services – it extends to the trust and peace of mind that comes along with a safe, comfortable, pest-free environment all year long. For more information, please visit https://www.greenixpc.com.
