Hi all,

I'm looking at a commercial landscaping company, where the owner has spent considerable amounts of money upgrading their fleet of vehicles and other equipment (which in hindsight was brilliant given recent supply chain issues). This was all done with the intention of continuing to run and scale the company for the foreseeable future. However, recent life events are causing him to sell (though he will likely rollover meaningful equity into NewCo).

Outside of any personal vehicles, equipment, etc., am I missing anything as it relates to assuming the PP&E debt here? I ask because we're pursuing an asset sale (which is typically cash free, debt free) and plan to refinance the acquisition debt he currently has on the BS. This may be a silly question and we could just refinance the PP&E debt as well, but interested in hearing the community's reactions.

Thanks in advance