$1.475 million loan allowed Michael and Janet Trapuzzano to acquire business
TAMPA, Fla. (Aug. 10, 2017) — Entrepreneurs Janet and Michael Trapuzzano recently acquired Lutz-based Pine Lake Nursery and Landscape Inc., the company contracted to landscape the Julian B. Lane Riverfront Park as part of the park’s $35.5 million renovation and expansion project. Pine Lake Nursery and Landscape includes a commercial landscape contracting business, a 15-acre nursery and a 60-acre tree farm in Brooksville.
American Momentum Bank’s Small Business Administration (SBA) Division is financing the acquisition with a $1.475 million small business loan. Maria and Ivan Martinez, who founded and owned Pine Lake Nursery and Landscape for 20 years, decided the time was right to sell the company and retire.
“When we moved back to the area a couple of years ago, our intention was to acquire a business rather than start from scratch, given the steep barriers to entry with this kind of company,” said Janet Trapuzzano, the majority owner of Pine Lake Nursery and Landscape, who manages the business alongside her husband, Michael. “Pine Lake Nursery has been around since 1998, it weathered the financial storms of the Great Recession and it has a strong reputation. Ultimately, we saw a tremendous opportunity to continue serving the community locally and to grow throughout the region.”
Pine Lake Nursery and Landscape grows its own stock and its nursery sells to retail and wholesale consumers, offering more than 700 types of indigenous plants, trees and flowers. Its landscape construction arm works primarily with commercial businesses, municipalities and developers, installing trees and plant material for beautification, as well as providing maintenance services for these sites.
Its most prominent recent contract is landscaping the Julian B. Lane Riverfront Park in Tampa. The park is undergoing a $35.5 million renovation and expansion and is the biggest city project in West Tampa in decades. The contract was awarded prior to the acquisition, but nearly all the installation and construction will be completed under the Trapuzzanos’ ownership.
Pat Fenech, Senior Vice President and Managing Director of SBA Lending for American Momentum Bank, and his team helped the Trapuzzanos navigate the SBA loan process.
“We felt very comfortable and excited for the opportunity after we met with Pat and his team, and it became clear very quickly that American Momentum was the bank we would choose for this acquisition,” said Michael Trapuzzano. “They were qualified, attentive, supportive and the level of service was unmatched. It was a good deal for both of us.”
The Trapuzzanos previously owned a company that offered landscaping services in the Northeast, which they sold to their partner when they returned to the Tampa Bay area in 2015.
“This was an easy opportunity to consider,” said Fenech. “Janet and Mike’s strong entrepreneurial spirit, coupled with their direct experience in this industry, provide a very strong platform for improvement and growth. We were thrilled to work with them on this acquisition and we look forward to a long-term business relationship.”
As the new owners, the Trapuzzanos are focusing on making operational enhancements, re-branding, developing safety policies and procedures, and creating a work environment where employees want to be part of their team.
“We have a very positive outlook on the future and appreciate how extremely valuable our employees have been to our family during this transition period,” said Janet Trapuzzano.
About American Momentum Bank
American Momentum Bank, with total assets of $1.1 billion as of June 30, 2017, provides comprehensive products and services for businesses and individuals. The bank has 15 full-service banking centers in Florida, including Orlando, Tampa, Clearwater, St. Petersburg, Sarasota, Lakewood Ranch, Naples and Winter Garden. It also has three full-service Texas banking centers in Bryan/College Station and a loan production office in Dallas. American Momentum’s strong capitalization, superior asset quality and experienced management teams position it as a premier bank in the markets it serves.