The Business
The Landscape Group is a leading UK-wide provider of contracted grounds maintenance to local authorities and landscape construction.
Investment Rationale
We were attracted by the long term local authority contracts at a time when further outsourcing was very likely with the financial pressures on local government funding. The growth strategy for The Landscape Group was a three-pronged approach:
• retain its existing local authority contracts and aim to deliver grounds maintenance services in a sustainable and profitable manner
• win new business
• extend geographic reach through acquisitions in a fragmented sector
What Happened
Elysian sold its interests in March 2015 to Idverde, a French based PE backed landscape maintenance business who had concluded that The Landscape Group provided the strongest management team, a solid financial performance and the best cultural fit for them in the UK. The enlarged group represents the largest specialist landscaping and grounds maintenance business in Europe with 4000 staff and a turnover of more than €360 m. Over the life of Elysian’s investment The Landscape Group grew from 600 employees and £38m in revenues to more than 1000 staff and revenues of £50 million. Developments underpinning this included:
• Building up a forward order book of some £300 million
• Acquiring Banyards in 2008 and Western Landscapes in 2010 strengthening the group’s presence in the west of England and along the south coast
• Winning prestigious work in the Olympic Park and Royal Parks
• Changing the revenue mix of the business, concentrating on long term maintenance contracts and reducing the level of “one off” construction projects
The Landscape Group is a leading UK-wide provider of contracted grounds maintenance to local authorities and landscape construction.
Investment Rationale
We were attracted by the long term local authority contracts at a time when further outsourcing was very likely with the financial pressures on local government funding. The growth strategy for The Landscape Group was a three-pronged approach:
• retain its existing local authority contracts and aim to deliver grounds maintenance services in a sustainable and profitable manner
• win new business
• extend geographic reach through acquisitions in a fragmented sector
What Happened
Elysian sold its interests in March 2015 to Idverde, a French based PE backed landscape maintenance business who had concluded that The Landscape Group provided the strongest management team, a solid financial performance and the best cultural fit for them in the UK. The enlarged group represents the largest specialist landscaping and grounds maintenance business in Europe with 4000 staff and a turnover of more than €360 m. Over the life of Elysian’s investment The Landscape Group grew from 600 employees and £38m in revenues to more than 1000 staff and revenues of £50 million. Developments underpinning this included:
• Building up a forward order book of some £300 million
• Acquiring Banyards in 2008 and Western Landscapes in 2010 strengthening the group’s presence in the west of England and along the south coast
• Winning prestigious work in the Olympic Park and Royal Parks
• Changing the revenue mix of the business, concentrating on long term maintenance contracts and reducing the level of “one off” construction projects