Home Services M&A Trends 2025: What Buyers Are Doing Right Now
PE consolidation, rising multiples in recurring-revenue verticals, and the buyers who are most active right now. A market-level view of home service M&A.
Read Article →Buyer GuidesApril 2025 · 6 min read
Which PE Firms Are Buying Landscaping Businesses in 2025?
PE consolidation in landscaping is accelerating. Here's which platforms are most active, what they pay, and how to get in front of them.
JT
Jason Taken
HedgeStone Business Advisors
Landscaping M&A has seen significant PE activity over the past five years, following the path pest control and HVAC blazed earlier. The fragmented market (100,000+ landscaping businesses in the US, most under $5M revenue) is exactly what PE roll-up investors target. Here's the landscape of active buyers.
Most Active Landscaping Acquirers
BrightView (publicly traded) is the largest platform and active acquirer. Yellowstone Landscape, Outback Landscape, and Landscape Workshop are PE-backed platforms executing aggressive acquisition programs. In addition, HVAC and home service platforms are increasingly adding landscaping as a complementary service line. The buyer universe for quality landscaping businesses ($300K+ EBITDA) is deep and competitive.
What Landscaping PE Buyers Pay
Platform acquisitions: 4x–6x EBITDA for businesses with $500K+ EBITDA and 50%+ maintenance revenue. Add-on acquisitions: 3.5x–5.5x EBITDA for businesses fitting an existing platform's geographic footprint. Individual/SBA buyers: 2.5x–4.0x SDE for businesses of all sizes. The highest multiples go to businesses with management depth, dense route geography, and multi-service capabilities.
What Landscaping Platforms Want
PE landscaping platforms look for: geographic proximity to existing operations (fill-in acquisitions are most common), commercial maintenance contracts representing 40%+ of revenue, crew foremen who stay post-close, technology adoption (LMN, Aspire, or similar), and no significant equipment replacement required in the first 12 months post-close. Businesses that check all these boxes can command the top of the multiple range.
Accessing Landscaping PE Buyers
Direct outreach rarely works. PE platforms work through trusted deal sources — M&A brokers with established relationships. The most efficient path is through a broker who has completed prior transactions with BrightView, Yellowstone, or regional PE-backed operators. Those relationships get your CIM reviewed by decision-makers rather than filtered out as unsolicited contact.
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