Investment funds managed by Morgan Stanley Capital Partners (MSCP), the middle-market focused private equity team at Morgan Stanley Investment Management, have completed an investment in Fairway Lawns (Fairway). MSCP is partnering with the current management team led by CEO Kyle DeMilt, who will continue to lead the business.
The investment in Fairway marks MSCP’s seventh investment out of MSCP’s $2.0bn Fund VII, which held its final closing in December 2021. This also marks Fund VII’s second investment in residential services, a focus sub-sector within MSCP’s Business Services efforts, following the acquisition of Sila Heating & Air Conditioning, a leading provider of residential replacement and maintenance HVAC, plumbing and electrical services, in May 2021. MSCP intends to accelerate Fairway’s add-on activity and will be seeking other leading residential lawncare brands throughout the country to help accelerate their growth, invest in their business, and support their employee base.
Debevoise & Plimpton served as legal counsel to MSCP, and Solomon Partners served as MSCP’s financial advisor. Carlyle Global Credit acted as sole administrative agent, bookrunner and arranger on the financing. Harris Williams served as financial advisor to Fairway.
Read more: Business Wire
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