Serent Announces Acquisition of Portfolio Company Real Green Systems by WorkWave and Serent’s Rollover Investment in the Combined Company

Serent Announces Acquisition of Portfolio Company Real Green Systems by WorkWave and Serent’s Rollover Investment in the Combined Company

Acquisition brings together two of the most respected solutions in the field service industry and furthers WorkWave’s position as a premier provider of solutions to field service companies

June 22, 2021

  • Serent portfolio company Real Green Systems has been acquired by WorkWave
  • As part of the transaction, Serent Capital is rolling equity into WorkWave

Real Green Systems®, a prominent provider of software and marketing solutions to the green service industries, has been acquired by WorkWave®, a leading provider of similar solutions to multiple field service verticals. The unique combination of Real Green, backed by Serent Capital, and WorkWave, backed by EQT and TA Associates, brings together two of the strongest brands in their respective market and furthers WorkWave’s position as a premier provider of solutions to asset-lite field service industries. As part of the transaction, Serent Capital and Real Green shareholders, including Founder Joe Kucik, will roll equity and join EQT and TA Associates as investors in WorkWave.

“This acquisition is something rarely seen. It is two successful, fast-growing, market-leading companies coming together to create something truly special in the market,” said David F. Giannetto, CEO of WorkWave. “We have tremendous respect for the Real Green team, and the goal of this acquisition is to allow them to continue to lead the green industries forward and drive even greater impact.”

Real Green and WorkWave share a common background as two companies created by industry professionals nearly 40 years ago, both achieving market leadership in their respective industries, and continuing that leadership across the following decades. The merger of these two companies will allow WorkWave to apply its greater resources to combine the best parts of each organization, helping Real Green to advance more quickly, and WorkWave to embrace Real Green’s depth of expertise in the green industries. While Real Green and WorkWave’s PestPac will remain separate platform solutions, both will benefit from the combined suite of additional product offerings and modules to support customers.

Joe Kucik shared, “When my partners and I founded Real Green, we had one singular focus: help lawn care companies better manage their business and serve their customers’ needs. Since partnering with Serent Capital, I am proud of all that we have accomplished: we accelerated our growth, invested in our people, developed new products, and remained committed to our original vision and values.”

Bill Nunan, CEO of Real Green, added, “We are thrilled to be joining such a progressive solutions provider like WorkWave that shares our commitment to helping customers thrive, that so strongly supports the continued development of Real Green solutions, and that embraces our passionate customer base.”

Since Serent’s investment in Real Green in 2018, the company has nearly doubled its employee base, hired five new executives, added significant R&D investment, and rolled out new products including Real Green’s own payments solution. In addition, Real Green completed three strategic acquisitions, including Lawnbot and CoalMarch.

Stewart Lynn, Partner at Serent Capital, added, “It has been a privilege to partner with Joe, Bill, and the Real Green team. They have built an exceptional company and delivered tremendous value for our customers, employees, and team. Like Joe, we are proud of all Real Green accomplished. However, we are even more energized by Real Green’s next chapter as part of WorkWave as Serent has built a great respect for WorkWave and their team through our broader work in field services.”

WorkWave represents Serent’s 20th investment in the field services market, including platforms Next Gear Solutions, LMN, Davisware, and CoConstruct/Buildertrend.

Read More About How Serent Partners with Field Services Companies

 

Serent Capital invests in growing businesses that have developed compelling solutions that address their customers' needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent seeks to help growing businesses thrive. Learn more about our portfolio companies.

Serent

TOOLKIT

Want to receive more updates on Serent Capital?

At Serent Capital, we work hard to create effective and longstanding growth with all our portfolio companies. Here’s what we’ve been up to recently.

Disclaimer:

Nothing presented herein is intended to constitute investment advice, nor sales material, and no investment decision should be made based on any information provided herein. Information provided reflects Serent's views as of a particular time and are subject to change without notice. Any forward looking statements or forecasts are based on assumptions and actual results are expected to vary from any such statements or forecasts. While Serent has used reasonable efforts to obtain information from reliable sources, we make no representations or warranties as to the accuracy, reliability, or completeness of third party information presented herein. Past performance is not indicative of future results. There can be no guarantee that any investment strategy employed by Serent will be successful. A full list of portfolio holdings is available on Serent's website.