L Squared Capital Partners Buys Edko, Its First Fund V Deal

By Nathan Brooks

L Squared Capital Partners has acquired Edko in the first platform investment from L Squared Capital Partners V, a $2 billion private equity fund that closed in April 2026. The transaction makes Edko the fund’s first platform company and provides capital and operating resources for expansion.

L Squared Capital Partners is a Newport Beach, California-based private equity firm. According to L Squared, Edko was founded in 1961, is headquartered in Bossier City, Louisiana, and has approximately 65 years of operating history.

L Squared said Edko provides vegetation management services for critical infrastructure assets throughout the United States. It operates through 36 branch locations and serves customers across 30 states.

L Squared described Edko’s customer base as spanning electric utilities, pipeline operators, refineries, energy exploration and production businesses, and renewable energy companies. Edko lists these core services:

• Bareground vegetation control
• Foliar applications
• Basal treatments
• Tree growth regulator applications
• Contract forestry
• Fire mitigation
• Drone-based services

L Squared said these capabilities help infrastructure owners control vegetation around equipment and facilities, maintain regulatory compliance, and reduce operational risks. For electric utilities, vegetation management can protect transmission and distribution assets, reduce outage risks, and address wildfire concerns.

L Squared also said pipeline operators and other energy infrastructure businesses rely on vegetation control to maintain safe access and support inspection and maintenance operations.

The firm believes Edko can benefit from increasing spending on infrastructure reliability, grid expansion, and wildfire mitigation. L Squared cited growing regulatory requirements and rising electricity demand as factors supporting demand for specialized vegetation management services.

What does the deal change for Edko?

L Squared said the acquisition will give Edko capital and operational resources to pursue organic growth and enter additional geographic markets. The private equity firm also plans to support investments in Edko’s workforce, equipment, technical capabilities, and professional development programs.

Edko Chief Executive Officer Jason Sellers and the existing management team will continue leading the organization, L Squared said. The partnership is intended to preserve Edko’s customer relationships and service standards while providing additional resources for expansion.

Tyler Huez, Partner at L Squared Capital Partners, said:

“We have been extremely impressed by Edko’s track record of growth and its commitment to safety, compliance, and customer service. Our long-term investment horizon is well suited to support Edko’s continued focus on its field organization, its technical capabilities, and the blue-chip customer relationships it has earned over the past 65 years.”

The investment case rests on Edko’s field organization, technical capabilities, and established customer relationships. Those assets will carry more weight as L Squared pushes the company into new markets.

Jason Sellers, Chief Executive Officer of Edko, said:

“We are grateful for our rich history and thrilled to have L Squared as a strategic partner. Their experience scaling field services businesses and deep understanding of our end markets will be invaluable as we expand our integrated offering, enter new geographies, and continue investing in our people who deliver for our customers every day.”

Edko’s message was operational: scale the integrated offering, enter new geographies, and invest in the people delivering customer work. The company’s existing leadership will retain responsibility for executing that expansion.

L Squared also treats strategic acquisitions as another element of Edko’s growth strategy. It points to the numerous regional and local providers in vegetation management and sees Edko as a potential platform for acquiring complementary businesses.

Sean Barrette, Managing Partner at L Squared Capital Partners, said:

“We are excited to partner with Jason Sellers and the Edko team, who have built a leading herbicidal vegetation management platform in the U.S. This is a highly fragmented market of regional and local providers, and Edko is the natural consolidator.

We see a long runway to build on the Company’s organic growth, and we’re proud to make this our first investment out of Fund V.”

That makes consolidation the central underwriting assumption. Organic expansion supplies the base, while further deals would broaden Edko’s coverage in a fragmented service market.

Funding and advisers

L Squared Capital Partners V and its affiliates provided equity financing alongside Edko’s management team. Ares Capital Management and BMO Bank provided debt financing.

• Stout Capital served as financial adviser to L Squared, while Skadden provided legal counsel.
• Piper Sandler and Stifel advised Edko, while K&L Gates served as its legal counsel.

L Squared reports that it manages more than $5 billion in equity commitments. Its investments focus on education technology, technology-enabled services and software, and industrial technology and services. The firm says its long-term approach emphasizes revenue and earnings growth rather than short-term financial restructuring.

The firm’s principals have worked together for more than 15 years and collectively bring more than 130 years of private investment experience, according to L Squared.

Under L Squared’s plan, infrastructure operators gain a supplier backed by capital for people, equipment, technical capabilities, and geographic expansion. Whether that support produces a scaled industry consolidator will depend on preserving the safety, compliance, and customer-service standards Tyler Huez cited.