Information on the target
TreeServe, a portfolio company of Soundcore Capital Partners, has successfully completed the acquisition of Dave Leonard Tree Specialists and JL Tree Service. Established in March 2025, TreeServe was created as a new platform within the tree care services sector, marking its initial foray into the market with the acquisitions of Princeton Tree Care in New Jersey and Clauser Tree Care in Pennsylvania. These strategic acquisitions enable TreeServe to offer a comprehensive suite of services, including tree trimming and pruning, stump and tree removal, tree cabling and bracing, plant and shrub health care, as well as emergency and storm response.
Dave Leonard Tree Specialists, founded in 1974 and headquartered in Lexington, Kentucky, is led by President Ross Raterman and specializes in tree pruning and removal, cabling and bracing, pest and disease management, and soil care services. Meanwhile, JL Tree Service, established in 1975 by John Lewett and currently managed by his son Sean Lewett, is based in Fairfax, Virginia, and focuses on tree pruning, trimming, removals, stump grinding, plant health, emergency storm response, and arborist consulting, serving a diverse clientele across the Washington, D.C. metropolitan area.
Industry overview in the target’s specific country
The tree care services industry in the United States is currently undergoing significant consolidation and modernization, driven by the integration of technology and the expansion of regional operations to meet increasing commercial and residential demand. According to IBISWorld, the U.S. tree trimming services market has experienced a compound annual growth rate (CAGR) of 5.3% over the past five years, with revenues projected to reach approximately $39 billion by 2025. This growth trajectory is expected to continue, with industry revenue forecasted to increase at a CAGR of 2.1% to $43 billion by 2030.
Within this landscape, several key players dominate the market, with the top four pure-play tree trimming services companies being privately held. These include Asplundh Tree Expert, based in Pennsylvania, with annual revenues of $5.7 billion; Davey Tree Expert Company, the largest employee-owned tree care firm in the U.S. located in Ohio, generating $1.8 billion in annual revenue; Bartlett Tree Experts from Connecticut, with $526 million in annual revenue; and SavATree from New Jersey, which has $479 million in annual revenue. This competitive environment underscores the potential for growth and consolidation within the sector.
In addition to TreeServe, other notable tree trimming-focused companies owned by private equity include Gunnison in Georgia (Warren Equity Partners), Monster Tree Service and SavATree in Pennsylvania (Apax Partners), Treeways in Pennsylvania (NMS Capital), Tree Care Partners in Massachusetts (CPS Capital), Xylem/Kendall in Virginia (Sterling Investment Partners), Canopy Service Partners in Illinois (Alpine Investors), and ArborWorks in California (New State Capital Partners and Five Crowns Capital). These companies illustrate the robust interest and investment in the tree care services market.
The rationale behind the deal The acquisitions of Dave Leonard Tree Specialists and JL Tree Service align with Soundcore Capital Partners' strategic vision to expand TreeServe's footprint in high-growth metropolitan areas across the Northeast, Southeast, and …