Brentwood Associates has completed the recapitalization of Perennial Services Group, a U.S.-based provider of landscape maintenance and snow management services. The deal, which closed on December 23, 2025, involved Tenex Capital Partners III LP selling a portion of its ownership stake in Perennial to Brentwood while also retaining an investment through Tenex Capital Partners IV LP.
| Acquirer | Brentwood Associates (US) |
|---|---|
| Target | Perennial Services Group (US) |
| Deal value | Undisclosed |
| Type of deal | Recapitalization |
| Close date | 2025-12-23 |
| Announcement date | 2026-01-12 |
| Buy-side advisors | William Blair, Piper Sandler |
| Sell-side advisors | Not disclosed |
| Legal buy-side | Kirkland & Ellis |
| Legal sell-side | Not disclosed |
Deal Mechanics
The recapitalization transaction involved Tenex Capital Partners III LP exiting a portion of its ownership interest in Perennial while simultaneously bringing on board Brentwood Associates and Tenex Capital Partners IV LP to support the company's future growth.
Strategic Rationale
Brentwood associates is continuing its investment strategy in the industrials sector by partnering with existing investors and expanding its stake in Perennial Services Group. This strategic move underscores Brentwood’s commitment to supporting companies like Perennial through their next phase of business expansion.
Financial Context
The financial details of this transaction remain undisclosed, but industry analysts believe that such recapitalizations are often aimed at providing additional capital for operational improvements and market expansion. The inclusion of Tenex Capital Partners IV LP suggests a confidence in Perennial’s future prospects despite the lack of specific deal value information.
Advisors
Brentwood Associates was advised by William Blair and Piper Sandler on this transaction, with legal representation provided by Kirkland & Ellis. The sell-side advisors for Tenex Capital Partners III LP were not disclosed.
Outlook
The completion of the recapitalization provides Perennial Services Group with new funding to bolster its position in the landscape maintenance and snow management sectors, particularly as these services are becoming increasingly critical due to climate change. With Brentwood Associates’ involvement, Perennial is expected to have the financial resources necessary for continued growth.