San FranciscoAnd January 5 2022 /PRNewswire/ — Gryphon Investors (“Gryphon”), the leading mid-market private equity firm, announced today that it has executed final documents for the sale of its FieldRoutes portfolio company (“FieldRoutes” or the “Company”) to ServiceTitan, the leading provider of careers software. Gryphon originally invested in the company, formerly known as PestRoutes, in January 2020. The transaction is subject to completion of the closing conditions set out in the definitive agreement, including obtaining regulatory approvals.
FieldRoutes, based in McKinney, Texas, is a leading provider of pest control programs, garden care and other field service businesses. Serving residential and commercial field service businesses, the company automates many aspects of field service operations for enterprise and small business clients through office management, advanced path optimization, payment processing, digital sales, marketing, and customer acquisition capabilities.
John CheekManaging Director and Co-Chairman of the Gryphon Software Group said, “We are proud of what the FieldRoutes team has accomplished over the past two years and are thrilled that this successful result marks the Gryphon Software Group’s first exit. Our conviction of the opportunity for software innovation in the field services industry has been perfectly completed by the Through FieldRoutes’ product and market thought leadership, we are confident that it will continue as the company merges with ServiceTitan. We remain excited about this segment and will look for more opportunities to partner with market-leading field service software companies.”
William ChaneyFieldRoutes CEO, FieldRoutes, added: “Under the ownership of Gryphon, we have completed several strategic initiatives and operational improvements to create significant value. Implementation of our improved billing and payment system, acceleration of new product development for our core markets, company rebranding and expansion of the lawn care industry all contributed to Delivering significant growth over the course of our two-year partnership with Gryphon. We are now excited to continue our growth with ServiceTitan.”
Houlihan Loki He served as financial advisor to Gryphon, and Kirkland & Ellis LLP served as legal advisor to Gryphon.
FieldRoutes is a cloud-based, mobile SaaS provider for field service companies. FieldRoutes automates many aspects of field service operations for enterprise and small business customers through office management, advanced route optimization, payment processing, digital sales, marketing, and customer acquisition capabilities. Contractors across the country rely on FieldRoutes to provide them with data-driven insights to become more efficient and increase revenue for their businesses, so they can grow quickly, expand intelligently, and serve their customers relentlessly. In 2018, PestRoutes and Lobster Marketing joined together, and in 2021 they consolidated under one brand, FieldRoutes.
About Griffon Investors
depends on San FranciscoGryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on the profitable growth and competitive enhancement of mid-market businesses in partnership with experienced management. The company managed to bypass $7.5 billion of equity and equity investment since 1997. Gryphon aims to invest in equity 50 million dollars to 300 million dollars In portfolio companies with corporate values ranging from approx 100 million dollars to 600 million dollars. Gryphon prioritizes investment opportunities as it can form strong partnerships with owners and executives to build leading companies, using Gryphon’s capital, specialized professional resources and operational expertise.
Lambert & Company.
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Source: Gryphon Investors