Commercial property services firm Tendit Group to close, lay off 107 in state

The closure will result in the layoff of 107 remaining workers in Colorado and 36 in Arizona.

Apr. 15, 2026 at 8:04pm

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A high-end, photorealistic studio still-life featuring a collection of polished, geometric corporate office supplies and tools in muted gray and blue tones floating on a clean, white background, conceptually representing the abstract concepts of corporate strategy, finance, and risk management.The closure of Tendit Group, a private equity-backed consolidation play in the commercial property services industry, exposes the challenges of achieving profitability through acquisition in a fragmented market.Denver Today

The Tendit Group, a Denver-based commercial building services company that acquired several smaller firms in Colorado, Utah, and Arizona, is closing its doors and laying off its remaining employees. The company, a portfolio holding of private equity firm Osceola Capital, informed the Colorado Department of Labor and Employment that it will cease operations and let go of 107 workers in Colorado and 36 in Arizona by the end of the month.

Why it matters

The closure of Tendit Group, which had grown rapidly through acquisitions in recent years, reflects the challenges facing some commercial property services firms as they navigate economic conditions and competition. The layoffs will impact workers across Colorado and Arizona.

The details

Tendit Group, which provided services like landscaping, paving, power washing, and snow removal, was formed in 2019 when Osceola Capital recapitalized Loveland-based Top Gun Pressure Washing and used it as a platform for acquiring smaller competitors. The company grew to over 400 employees, but is now down to 143 as it prepares to cease operations. Some of Tendit's portfolio companies, like Bob Popp Building Services, have been sold, while others have remained under the Tendit Group banner.

  • On Monday, Tendit Group informed the Colorado Department of Labor and Employment that it will cease operations and lay off the remaining 107 workers in Colorado and 36 in Arizona by the end of the month.
  • In September 2023, the Denver Business Journal recognized The Tendit Group as one of Denver's 50 fastest-growing private companies.

The players

Tendit Group

A Denver-based commercial building services company that acquired several smaller firms in Colorado, Utah, and Arizona.

Osceola Capital

A private equity firm based in Tampa that specializes in taking a platform company and acquiring or rolling up smaller competitors. Osceola recapitalized Loveland-based Top Gun Pressure Washing in 2019, using it as the platform for future acquisitions that would become The Tendit Group.

Ray Byrd

The chief operating officer of Tendit Group.

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What they’re saying

“'Despite substantial efforts on the part of management, The Tendit Group LLC, is unable to turn a profit,'”

— Ray Byrd, Chief Operating Officer

The takeaway

The closure of Tendit Group, a rapidly growing commercial property services firm, highlights the challenges facing some companies in this sector as they navigate economic conditions and competition. The layoffs will impact workers across Colorado and Arizona, underscoring the broader shifts occurring in the commercial real estate industry.