FSN-backed Green Landscaping completes double bolt-on

Following the deals, the annual turnover for the last 12 months to September for Green Landscaping will be around SEK 1bn, a source close to the deal confirmed with unquote".

This is the second announcement this week by FSN, after the purchase of Danish ice-cream equipment manufacturer Gram Equipment earlier this week.

Previous funding
In August 2009, FSN acquired four Swedish landscaping services companies: Mark-och Trädgårdsanläggare Sjunnesson, Jungs, Qbikum and ISS Landscaping. Together, they expected revenues of SEK 550m for 2009. FSN invested via its third fund.

The deal was a buy-and-build case; FSN aimed to acquire businesses with long-term servicing contracts to increase the group's current market share of about 5%.

Following the transaction, the group name was changed from Landscape Services Group to Green Landscaping in April 2010.

Company
Founded in 1979 and headquartered in Mölndal, outside Gothenburg, Svensk Jordelit supplies green-area maintenance products, seeds and manure for golf courses and soccer pitches, and related machinery. The firm employs a staff of 20 and posted a turnover of around SEK 70m.

Headquartered in Vallentuna, outside Stockholm, JE Eriksson was founded in 1998 and specialises in light landscaping construction, including lawns, tiling, drainage and courtyards. Additionally it also offers grounds maintenance services. The company employs a staff of 40 and generates sales of SEK 70m.

Founded in 1992 and headquartered in Malmö, Green Landscaping develops and maintains outdoor green areas. Its clients include municipalities, real estate companies, tenant owner associations and corporates.

People
FSN Capital Partners – Andreas Bruzelius (principal).

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