BrightView Appoints Dale Asplund As CEO; Gets $500 Mln Investment From One Rock Capital

(RTTNews) - BrightView Holdings, Inc. (BV), a commercial landscaping services provider, said on Monday that it has appointed, Dale A. Asplund, as its Chief Executive Officer with effect from October 1.  

On May 4, the company had announced its CEO Andrew Masterman's decision to step down from his role with effect from May 31. Since then, Jim Abrahamson, has been serving as interim CEO.

Asplund brings 25 years of corporate expertise to BrightView from United Rentals, Inc. Most recently, he was Executive Vice President and COO of the company.

In addition, BrightView has announced that an affiliate of privately held One Rock Capital Partners, LLC, invested $500 million in the form of convertible preferred stock.

BrightView will use 90 percent of the proceeds from the investment to repay debt. Remaining funds are expected to be utilized for acquisitions of complementary landscape businesses and other accretive initiatives.  

The preferred stock will be convertible into shares of BrightView at a price of $9.44 per share with a 7% annual dividend.