Greenix is sold to Gridiron Capital

Riata Capital Group has sold Greenix Pest Control to Gridiron Capital. Terms of the transaction were not disclosed.

Established in 2011 and headquartered in Orem, Utah, Greenix boasts more than 250,000 residential accounts, served by its 37 branches operating across 19 markets in 16 states. Greenix offers a comprehensive suite of eco-conscious pest control solutions, encompassing general pest control, mosquito and tick management, rodent removal, and specialized services such as bed bug mitigation and termite control.

Riata Capital Group initially partnered with Greenix Chairman and CEO Bob Nilsen in a control recapitalization in December 2020. Over the course of Riata’s investment period, Greenix achieved several critical milestones that propelled its market leadership. The company successfully grew both its household customer base and overall revenues by more than 150 percent, primarily driven by robust organic growth initiatives. Greenix also grew its digital commerce capabilities in this period, and acquired five companies.

“Greenix was set apart by its significant scale, strong customer service and retention, powerful culture and strong leadership from Bob Nilsen when we made our initial investment,” Riata Managing Partner Barron Fletcher stated in a news releae. “We are proud to have helped Greenix develop into one of the strongest independent residential pest control services platforms in the country.”

Nilsen also reflected on the partnership in the news release, stating: “Together with our partners at Riata, we have elevated Greenix to another level in terms of sophistication, service offerings, scale, and market position, all while continuing to serve and treat our customers the right way. Riata’s contributions to supporting our strategic growth, both organically and via acquisition, and strengthening our platform through investments in our team, systems, and technology have been immeasurable. The proof is in the results – over the course of our partnership, we have grown our customer base and revenues by over 150% and tripled our bottom line without compromising service quality and our commitment to customers. Our partnership and experience with Riata set us up well for continued success as we enter this new chapter of growth.”

William Blair served as the primary financial advisor to Riata and Greenix, with Kirkland & Ellis as primary legal counsel. LR Tullius also provided financial advisory services. Goldman Sachs acted as the exclusive financial advisor to Gridiron Capital.