LOS ANGELES, Calif. – Levine Leichtman Capital Partners ("LLCP"), a private equity firm headquartered in Los Angeles, California, announced a completed recapitalization for Lawn Doctor, Inc., a portfolio company of Levine Leichtman Capital Partners SBIC Fund.
The transaction provided ongoing working capital for Lawn Doctor and also helped pay a shareholder dividend.
"We are pleased to have completed this important divided recapitalization," said Lauren Leichtman, CEO of Levine Leichtman Capital. "The transaction increased Lawn Doctor’s senior credit facility to approximately $22 million and among other things, provided a beneficial infusion of capital to help facilitate Lawn Doctor’s day-to-day operations," said Leichtman.
Recapitalization by private equity groups such as LLCP is a common practice. Investments by LLCP bring financial and operational experience to business partners, while at the same time, allows business owners to maintain meaningful equity stakes in their companies, said the news release from Levine Leichtman.
Lawn Doctor, based in Holmdale, N.J., is one of America’s biggest lawn care franchise companies with 460 locations in 40 states.