Coventry-based landscape group sold to French counterpart
THE Landscape Group in Coventry has been sold to the largest landscape construction and maintenance business in France, Idverde.
Financial details are undisclosed.
TLG, which employs 1,000 staff and has revenues of £50m, was established in 1919. In 2008, the group successfully completed a management buyout backed by private equity firm Elysian Capital.
The firm delivers a range of ground and landscape services to local authorities, housing associations, hospitals and the construction industry.
Idverde has revenues of €280m (£203m) and employs 3,000 staff from its French headquarters. Together, the new international group will employ 4,000 staff with a turnover of more than €360m (£261m).
The deal marks the first UK acquisition by Idverde.
The corporate finance team at BDO LLP in Birmingham advised TLG. It is the firm’s fifth facilities management sector transaction in the last 18 months.
Led jointly by M&A partner Roger Buckley and director Satvir Bungar, the BDO team advised Elysian Capital (major shareholder) and the management team at TLG.
Bungar said: “This deal marks a wider trend in the facilities management sector, as overseas buyers look to increase UK market share by acquisitions.
“The quality of TLG’s management team and financial performance, combined with its client -focused culture, made it a great strategic fit for both parties and one that solidifies Idverde’s growth ambitions.”
Nick Temple-Heald, CEO of The Landscape Group, said: “I cannot think of a better home for the future of TLG and its valued employees.
“The cultural and strategic fit is extraordinary. Both companies are green specialists; both companies are passionate about developing their people; and both companies want to improve the value and quality they can offer their customers.”
