New York, NY – January 12, 2026 – Tenex Capital Management (“Tenex”) is pleased to announce it has completed an equity recapitalization transaction with Brentwood Associates (“Brentwood”) for Perennial Services Group (“Perennial” or the “Company”), a national provider of residential lawncare, pest control, landscaping and arbor services. As part of the transaction, Tenex Capital Partners III LP (“Fund III”) has sold a portion of its ownership, while Tenex Capital Partners IV LP (“Fund IV”) has invested alongside Brentwood to continue to support Perennial through its next phase of growth. The existing management team, led by Jon Allen as CEO, are all remaining with the business and rolling a material portion of their equity in the transaction.
Headquartered in Pittsburgh, PA, Perennial is a multi-brand home services platform with 49 branches operating in 15 states focused on lawncare, pest control, landscaping, and arbor services. Perennial was formed in September 2022 as a Tenex platform investment through the merger of ten family-owned regional residential home services players that combined to create a super-regional player in the Northeast, Mountain West and Midwest. Since Tenex’s initial investment in September 2022, the Company has expanded its customer base materially over this period; added to the leadership team in COO, CRO, CFO, and M&A roles; implemented uniform software, systems, and reporting; and completed 25 add-on acquisitions while retaining the local brands.
Tenex Principal, Kit York, remarked, “When Tenex first partnered with Perennial, we saw the opportunity to create a truly differentiated, multi-brand home services platform. Over the past three years, the team has advanced that vision through the integration of 25 acquisitions, standardizing systems and reporting, and building a unified culture across dozens of branches. The foundation now in place is intended to support Perennial’s continued development and expansion over time. We are proud of the progress that Jon Allen and the entire Perennial organization have made, and we are excited to continue supporting the Company alongside our new partners at Brentwood.”
Tenex Managing Director, Gabe Wood, commented, “Perennial is an example of how management teams can operate effectively when supported with the right resources. The Company has established itself as a scaled platform with established brand equity, high customer satisfaction, expanded operational infrastructure, and a comprehensive suite of essential home exterior services. With the added support from the Brentwood team, we believe Perennial is well positioned to serve as a potential partner for business owners in the residential lawncare and pest sectors who may seek liquidity in the years to come.”
Jon Allen, Perennial’s CEO and Co-Founder, added, “Tenex has been a great partner over the past three years, during a time of significant expansion and transformation for Perennial. Tenex’s operational expertise and strategic perspective in the home services industry aided the Company to scale while preserving the quality, reliability, and community-focused values that define our brands. We are excited to welcome Brentwood to the Perennial team and look forward to continuing to execute our mission of providing homeowners with exceptional quality service supported by best-in-class customer service.”
The transaction closed on December 23, 2025. William Blair served as lead financial advisor and Piper Sandler was co-advisor on the transaction.
Important Disclosure: This release contains forward-looking statements and statements of opinion that are subject to risks and uncertainties. Actual outcomes may differ materially. Past performance or operational results are not indicative of future results. Nothing herein constitutes investment advice or an offer to sell or a solicitation of an offer to purchase any securities.