From ABF Journal:
Wells Fargo Capital Finance, part of Wells Fargo & Company, provided a $32.5 million senior secured credit facility for TruGreen LandCare L.L.C. The facility was used to support Aurora Resurgence Group’s acquisition of TruGreen LandCare, L.L.C. from The ServiceMaster Company, and will be used to fund the company’s ongoing working capital, capital expenditures, and general corporate needs.
Founded in 1998 and based in Ijamsville, MD, TruGreen LandCare is a provider of commercial landscaping services to corporations, municipalities, universities, airports, apartment buildings and homeowner associations.
“TruGreen is another demonstration of the complimentary partnership between Wells Fargo Capital Finance and Aurora Resurgence Group. The result was a custom-designed financing solution that addresses the company’s seasonal working capital needs and leaves them in a position of strength to take market share within the commercial landscaping market.”
“Aurora Resurgence was very pleased to complete the financing of TruGreen LandCare with Wells Fargo Capital Finance and believes this transaction positions the TruGreen LandCare with a strong balance sheet and significant liquidity to fund continued growth,” said Josh Phillips, a partner with Aurora Resurgence Group. “Completing this financing further strengthens the long standing relationship between Aurora Resurgence and Wells Fargo. TruGreen LandCare’s employees and customers will benefit from this new relationship with Well Fargo Capital Finance as the company continues to strive to be the best in its industry.”