Merger & Acquisition activity in the landscape services industry is developing in Europe with a major role being played by private equity there too. UK-based The Landscape Group has been acquired by idverde, the largest French-based landscape services company. The combined company will have annual sales of approximately 360 million euros (approximately $387 million at current exchange rates and will arguably be the largest landscape services company in Europe. The Landscape Group was majority-owned by Elysian Capital. Idverde is majority-owned by Chequers Capital.
Here is the text of the announcement:
The Landscape Group is delighted to announce that its major shareholder (Elysian Capital) has concluded negotiations with the majority shareholder of idverde (Chequers Capital) for the sale of its entire share capital, and that The Landscape Group (TLG) is now owned by idverde.
Idverde is the largest landscape construction and maintenance business in France, with a turnover of €280 million and employing 3000 staff. The business is the undisputed market leader, being five times the size of its nearest competitor, and the only company that can offer green services on a truly national basis across all of France.
Idverde has been considering a potential acquisition in the UK for some time, and concluded that The Landscape Group provided the strongest management team, the strongest financial performance and the best cultural fit for idverde in the UK.
With about 1000 staff, The Landscape Group has a yearly revenue of £50 million and has built-up a forward order book of some £300 million.
The Landscape Group is led by Nick Temple-Heald and a strong Senior Team. Nick Temple-Heald (CEO) and Doug Graham (CFO) will take up posts on the board of the ultimate holding company of the group (Armorica SA) making the group a truly international organisation.
The new alliance between idverde and The Landscape Group represents the largest specialist landscaping and grounds maintenance business in Europe, represented on both sides of the channel to serve local authorities and private customers alike. Together, the new international group will employ 4000 staff with a turnover of more than €360 m.
Herve Lancon, President of idverde said: “This acquisition makes the idverde group the number one specialist in landscaping and grounds maintenance in Europe. Entering the UK market doesn’t just allow us to access a complementary territory but to appreciate how our services are deeply rooted in British culture. This project creates real added value for all our customers. We can also offer a unique opportunity to meet the needs of Anglo-French organisations by coordinating our services internationally.”
Bertrand Rabiller from Chequers Capital adds: “This acquisition is part of idverde’s development plan in Europe, with the logistical and financial support of Chequers Capital. The Landscape Group is an ideal platform to step into the British market and we will rely on TLG to build further growth in the UK. We are pleased to welcome the management team of The Landscape Group to idverde. Their experience and motivation will be key in developing idverde in Britain.”