Crestview Partners has acquired TenCate Grass Holding from Royal TenCate, which is owned by a consortium led by Gilde Buy Out Partners.
TenGate, which about $600 million in revenue, offers artificial turf and other landscaping services mainly for the sports sector. The target lists the NFL’s New England Patriots among its customers.
“The artificial grass market is growing rapidly due to a number of compelling secular trends that Crestview has been investing behind for a number of years,” says Brian Cassidy, co-president and partner at Crestview. “The importance of sports and fitness for consumers is increasing while urbanization is putting a premium on space. We also view artificial grass as part of a broad range of solutions that can help address water scarcity issues around the world.”
TenCate was advised by Robert W. Baird & Co. and Clifford Chance LLP. Crestview was advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP and Houthoff.
Societe Generale, ING Group and Jefferies Group represented Crestview and TenCate Grass in connection with the financing.