Gryphon Investors (“Gryphon”), a leading middle-market private equity firm, announced today that it has executed definitive documentation for the sale of its portfolio company FieldRoutes (“FieldRoutes” or “the Company”) to ServiceTitan, a leading software provider for the trades. Gryphon originally invested in the Company, formerly known as PestRoutes, in January 2020. The transaction is subject to the completion of closing conditions set forth in the definitive agreement, including obtaining regulatory approvals.
FieldRoutes, headquartered in McKinney, Texas, is a leading provider of software for pest control, lawn care, and other field service businesses. The Company serves residential and commercial field service companies, automating many aspects of field service operations for enterprise and small business customers with office management, advanced route optimization, payment processing, digital sales, marketing, and customer acquisition capabilities.
Jon Cheek, Managing Director and Co-Head of Gryphon’s Software Group, said, “We are proud of what the FieldRoutes team has accomplished over the past two years and are extremely pleased to have this successful outcome represent the first exit for the Gryphon Software Group. Our conviction in the opportunity for software innovation in the field services industry was perfectly complemented by FieldRoutes’ product and thought leadership in the market, which we are confident will persist as the company combines with ServiceTitan. We continue to be excited by this sector and will look for further opportunities to partner with market-leading field services software businesses.”
William Chaney, CEO of FieldRoutes, added, “Under Gryphon’s ownership, we completed several strategic initiatives and operational improvements to create significant value. Implementing our enhanced billing and payment platform, accelerating new product development for our core markets, and rebranding the company and expanding into the lawn care industry all contributed to significant growth over the course of our two-year partnership with Gryphon. We are now excited to continue our growth with ServiceTitan.”
Houlihan Lokey acted as financial advisor to Gryphon, and Kirkland & Ellis LLP served as Gryphon’s legal counsel.
FieldRoutes is a cloud-based and mobile SaaS provider for field service businesses. FieldRoutes’ platform automates many aspects of field service operations for enterprise and small business customers with 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 drive revenue to their business, so they can grow quickly, scale intelligently and serve their customers relentlessly. In 2018 PestRoutes and Lobster Marketing joined together, and in 2021 unified under one brand, FieldRoutes.
About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed over $7.5 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $600 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.