Core Equity buys IDVerde in SBO

A source close to the deal confirmed Core Equity secured a majority stake. The investment is the first transaction made in France by the Belgian GP.

Founded in 2015 by four ex-Bain Capital professionals, Core Equity allows for an investment period lasting anywhere up to 15 years. It is currently investing via its €1bn Core Equity I fund, closed in September 2017, according to Unquote Data.

According to French publication Capital Finance, a unitranche debt package was provided by KKR.

The company intends to expand into a new European geography following the deal.  

Previous funding
EQT and Goldman Sachs acquired former IDVerde parent ISS in a €2.9bn take-private in 2005. In August 2012, Ontario Teachers' Pension Plan and Kirkbi Invest acquired a 26% stake in ISS for DKK 3.7bn. EQT and Goldman Sachs remained majority owners after the deal.

The private equity backers tried to re-list the business twice following the deal, with failed attempts in 2007 and 2011. In late 2011, a reverse takeover by G4S was aborted as it did not receive investor approval. The group was understood to be actively preparing for a third IPO attempt in October 2013, with a potential listing to take place in 2014.

Chequers carved out ISS's landscaping division alongside management in early 2014, renaming it IDVerde. At the time, press reports reported that the deal was valued at €130m. 

IDVerde bolted on British grounds maintenance business Quadron following the deal. No extra capital was provided for the acquisition by Chequers.

Company 
Formerly known as ISS Espaces Verts, IDVerde was founded in 1986 and specialises in landscaping green spaces, urban spaces, and sports and recreational spaces, as well as interior landscaping and watering. IDVerde employs 4,500 staff and operates 100 branches throughout France and the UK. Its headquarters are in Levallois-Perret.  

People
Core Equity – Marc Valentiny (partner).

Advisers
Equity – Bredin Prat, Jeausserand Audouard (legal).
Company – Lazard (financial due diligence); Weil Gotshal & Manges (legal).

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