March 19, 2018
Rhode Island Capital Corporation is pleased to announce that a Goldman Sachs 10,000 Small Business Initiative loan has been funded for Roderick Landscapes, Inc. to help acquire Fred. T. Kirby & Sons of Middletown, Rhode Island. The announcement was made by Carol Cedrone Brennan, Director of Business Development for RI Capital.
Roderick specializes in full-service landscaping and snowplowing services for residential and commercial customers throughout Newport County, RI. The company is wholly-owned by Paul H. Roderick, who has been a landscaper on either a part-time or full-time basis since he was 17 years old.
Mr. Roderick acquired Fred T. Kirby & Sons (Kirby & Sons) when the former owner, Alan Kirby, decided to become less active in the business. Kirby & Sons is a 80-year-old landscaping business covering the same service area as RLI. Having worked at Kirby & Sons as a part-time mechanic and plow driver, Mr. Roderick already knew many of Kirby’s customers and the integration of the operations of the two companies was seamless.
The combined entity, which does business under the name Fred T. Kirby & Sons, now services approximately 330 clients and specializes in landscape maintenance, design and installation, planting and transplanting of trees, shrubs, annuals and perennials, tree pruning and removal, site clearing, insect application, and snow plowing. Its service area is Bristol, Jamestown, Little Compton, Middletown, Newport, Portsmouth, and Tiverton, RI.
Rhode Island Capital Corporation funded a seven-year loan from the Goldman Sachs 10,000 Small Business Initiative to provide funds for the acquisition and for ongoing working capital needs.
FOR ADDITIONAL INFORMATION, CONTACT:
Carol Cedrone Brennan, Director of Business Development
BDC Capital – RI Capital Financing Solutions
CDC New England – More than a 504
30 Exchange Terrace, 4th Floor,
Providence, RI 02903