FourBridges Capital Thursday announced that TenCate Grass has acquired a controlling interest in Geo-Surfaces. FourBridges Capital — an investment banking firm that helps business owners sell their companies, refinance debt or access growth capital — acted as exclusive advisor to Geo-Surfaces. Charlie Hartman with Maynard, Cooper & Gale, PC acted as legal counsel to Geo-Surfaces.
Founded by Charlie Dawson in Baton Rouge, La., Geo-Surfaces is one of the few U.S. firms that offers science- and engineering-based “turn-key” surfacing solutions. The company is known for its GeoBase and GeoFlo technology. In the past 15 years, Geo-Surfaces has installed more than 300 fields and nearly 30 million square feet of artificial turf across the Southeast.
TenCate Grass, whose North American division is based in Dayton, is a global leader in the development, production and marketing of synthetic turf components. Backed by Gilde Partners, the largest private equity firm in Holland, TenCate operates production facilities in North America, Europe, the Middle East and Asia Pacific. The company acquired Challenger Industries, Inc. to create the largest landscape turf company in the U.S. FourBridges advised Challenger in that transaction.
“For the past 15 years, we have won projects across the Southeast and into Texas and Oklahoma due to our innovative and unique approach to artificial turf field installation,” Mr. Dawson said. “I wanted to take my company to the next level, but it felt daunting. As a founder and operator, I had never navigated the selling process, and I wasn’t sure how to achieve the right terms or the best price. FourBridges helped me structure a deal with TenCate Grass that positioned my company to grow faster and compete on more jobs in more places.”
FourBridges negotiated a partnership agreement that will benefit both companies. Field installation is a new line of business for TenCate, and their team will be able to leverage Mr. Dawson’s industry knowledge and expertise as they continue to expand. Mr. Dawson will continue to operate and grow the business, providing new opportunities for Geo-Surfaces employees and customers, said officials.
“We enjoyed working with Charlie Dawson and Geo-Surfaces on this transaction,” said Chris Rowe, a managing director with FourBridges. “The turf industry is continuing to consolidate, with several companies — including TenCate Grass — moving toward vertical integration. The partnership between Geo-Surfaces and TenCate Grass is a great fit and will provide customers with a better product offering in the future.”