Portland tree pruner is sprouting with revenue growth, purchase of Vermont company
Courtesy / Lucas Tree
Lucas Tree Experts sold its residential lawn care and tree services business to focus on its fast-growing utility division.
Lucas Tree Experts, a Portland-based provider of tree pruning and other vegetation services, has purchased New England Tree Experts, of Hardwick, Vt.
The two tree experts did not disclose terms of the transaction in a news release last week. All 50 of the New England Tree employees and the company’s former owners, John and Ryan Molleur, have joined Lucas.
Lucas, a 95-year-old, third-generation family business, employs over 500 people and provides a range of services for residential, commercial and utility customers from Nova Scotia, Canada, to South Carolina. The company said it has seen a 50% growth in revenue over the last five years, mostly as a result of its utility operations.
New England Tree Experts has primarily focused its work on vegetation management for Vermont utility companies including Green Mountain Power, Vermont Electric Cooperative, Stowe Electric Department and Washington Electric, according to the release.
Services for those clients will continue under the new ownership, according to the release, although New England Tree has assumed the Lucas Tree brand.
“We look forward to New England Tree Experts joining our growing team and continuing their success in Vermont with eyes toward increasing our market share across the state,” said Lucas CFO Arthur Batson III in the release.
“As two family-owned companies, we share so many common values, including a multigenerational commitment to professionalism and safety. It is truly a great cultural fit.”
Ryan Molleur, former president of New England Tree, said, “My brother and I wish to sincerely thank every employee for their service to our family company, and we look forward to continuing our relationship with you all as we turn the page and start this new and exciting chapter. It is a pleasure to continue our mission with another family-owned company with a culture focused on the same things we are.”
The acquisition by Lucas isn't the only such deal that's taken place recently in Maine's vegetation management industry.
In January, Eliot-based Piscataqua Landscaping & Tree Service acquired a longtime, cross-town rival, Jacqueline Nooney Landscape Inc., for an undisclosed price. Piscataqua's service territory stretches from Kennebunkport to northern Massachusetts, and with that purchase the company employs about 150 people.
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