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The Care of Trees of Illinois will be subsidiary of employee-owned Kent company
By Paula Schleis
Beacon Journal business writer
Published on Tuesday, Jul 01, 2008
The nation's No. 1 and No. 3 residential/commercial tree care services are merging.
The Davey Tree Expert Co., the 7,000-employee company headquartered in Kent, is tying the knot with The Care of Trees, an Illinois-based operation with nearly 500 employees.
Davey has been on a shopping spree since 2003, acquiring about 30 lawn-care services, tree-trimming companies and resource firms in markets around the country.
While those acquisitions were cash actions, the Care deal is an exchange of stock for assets and liabilities.
Davey and Care are both employee-owned companies. Care will operate as a wholly owned subsidiary of Davey.
''It's an exciting time as we unite our individual strengths for the mutual benefit of our clients and our employee owners,'' said Karl Warnke, Davey's chief executive officer.
The Care of Trees posted $51 million in revenues for 2007 and serves 60,000 residential and commercial clients in Illinois, California, Connecticut, Maryland, New York, Pennsylvania and Virginia.
While Davey has offices in all of those states, it does not have a presence in all of the markets that Care covers.
''This merger gives us the chance to take the best practices of both companies across North America,'' said John Hendricksen, chairman of The Care of Trees.
Davey Tree, founded in 1880, is the 16th largest employee-owned company in the United States. It had consolidated revenues of $506 million in 2007.
The Care merger follows Davey's March acquisition of Wolf Tree Experts Inc., a Knoxville, Tenn.-based utility tree trimming company with 700 employees, a 13-state service area, and annualized revenues of over $40 million.
Paula Schleis can be reached at 330-996-3741 or pschleis@thebeaconjournal.com.
The nation's No. 1 and No. 3 residential/commercial tree care services are merging.
Get the full article here.
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