Originally published Osprey Landscape Acquires EarthWorks, Inc. on by https://www.sdbj.com/services/osprey-landscape-acquires-earthworks-inc/?utm_source=rss&utm_medium=rss&utm_campaign=osprey-landscape-acquires-earthworks-inc at San Diego Business Journal
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CARLSBAD – With its first acquisition, Osprey Landscape Group’s southwest expansion plans are in full bloom. The company acquired Texas-based EarthWorks, Inc. on July 2 after working on the deal for over a year.
“Our goal is to create a house of brands,” Osprey CEO Joshua Dake said. “In each one of our target major metropolitan areas, we want to find a brand that has a good reputation and team and build on that. We have the systems, capital and functional teams to continue to support their growth while honoring their legacy brands.”
Osprey is a “platform of landscape management companies,” said Dake. The company was established in 2023 after private equity firm Southfield Capital acquired Pacific Landscape Management in 2021 and Seattle-based Earthworks Landscape Services and maintenance division of His Hands Lawncare and Services in 2022.
When acquired, EarthWorks’ revenue was $38 million. The deal will increase Osprey’s revenue by 50%, resulting in an anticipated total revenue of $122 million this year.
“Closing on this first acquisition is the beginning of realizing our vision,” Dake said. “The vision of attracting the best teams in the landscape industry, taking these great legacy companies and integrating them so that everybody can learn from one another… It really felt good to finally get this done in Texas, because it’s the first step to carry out that mission.”
Expanding in the Southwest
With corporate offices in Carlsbad, Osprey is focused on expanding its brand in major western and southwestern cities like San Diego, Orange County, San Francisco, Phoenix, Las Vegas and Albuquerque. California expansion is at the top of its list.
“I want to build a place where people don’t have to go somewhere else to fulfill all their career dreams or to get the promotion they want,” Dake said. “We want to provide all of that in one place… We want people to stay and grow with us and maybe have opportunities where somebody from San Diego has family in Texas and they want to go work in Texas.”
With companies across California, Washington, Oregon and now Texas, Osprey has provided private landscape maintenance, enhancement, irrigation, tree care and more to over 2,700 properties. Osprey provides its services at HOA communities, education and healthcare campuses and commercial properties like those of Columbia Sportswear, CBRE and Collier.
The acquisition of EarthWorks added about 400 employees to Osprey’s team, bringing its total number to around 1,000 employees. Valuing the individuality of its brands, Osprey does not plan on making any changes to EarthWorks beyond system standardization.
“The most exciting part is building something special in the industry that will outlast me and all of us,” Dake said. “We’re looking forward to these teams and the quality of work.”
Building a Brand of Community, Quality
With its expansion, Osprey is intent on forging a strong team, said Dake. The company boasts a high employee retention rate and offers opportunities through H-2B visas and green card sponsorships.
To adapt to industry trends, Osprey is actively converting its equipment from gas to electric, developing water management technologies and finding small ways to incorporate AI.
According to Dake, one of Osprey’s biggest challenges is rising labor costs, which account for 50% of the company’s total expenditure. Fuel costs are also an obstacle, but Dake hopes they will be offset by electrification.
“We have to continue to analyze our job mix and manage expenses as efficiently as possible, at the end, we have to pass some of this cost along to customers in the form of, typically, annual price increases,” Dake said.
Once established in a market, Dake said that Osprey will look for tuck-in acquisitions of businesses with a $2 to $10 million revenue to further strengthen regional presence.
“Our vision is to attract and retain the best teams in the landscape industry and create a lasting impact on the people in the communities that we serve,” Dake said.
Osprey Landscape Group
FOUNDED: 2023
CEO: Joshua Dake
HEADQUARTERS: San Diego
BUSINESS: Landscape Management
EMPLOYEES: 1,000
REVENUE: $122 million
WEBSITE: www.ospreylg.com
CONTACT: Joshua Dake – (442) 359-8846
SOCIAL IMPACT: Part of the company’s vision is to “create a lasting impact on the people and communities that we serve.” Past community service projects in the Pacific Northwest have included Cancer Fundraising, providing Career Work Study programs for underprivileged youth (De la Salle High School), and landscape renovations for Bybee Lakes Hope Center in Portland for homeless shelter. They also provide free landscape maintenance to various charities in the Dallas Fort Worth Area including the Union Gospel Mission (homeless shelter and rehab), Jonathan’s Place (center for abused children), Vogel Alcove (school for homeless children), and Casa de Esperanza (center for support and resources for orphan children).
Born and raised in San Diego, Madison takes great pride in local storytelling. Her coverage at the San Diego Business Journal includes tourism, hospitality, nonprofits, education and retail. An alumna of San Diego State University’s journalism program, she has written for publications including The San Diego Union-Tribune and The San Diego Sun. At the 2024 San Diego Press Club awards, Madison was recognized for her exemplary profile writing. She was also a speaker for the 2023 TEDx Conference at Bonita Vista High School. When she’s not working on her next story, Madison can be found performing music at a local restaurant or on one of San Diego’s many hiking trails.
Originally published San Diego Business Journal