FSN lists Green Landscaping shares on Nasdaq First North

The share price was set at SEK 21 apiece, corresponding to a total market cap of around SEK 745m on completion of the offering.

FSN sold 15,138,917 shares in the offering, which corresponds to a market cap of SEK 318m. It retains 18.6% of the the company's shares post-flotation. In total, 20,527,500 shares were sold in the offering, including the overallotment option, which corresponds to 58% of the total number of shares in the company after listing.

At the time of publishing, shares were trading at SEK 20.74 per share.

The Nordic private equity house acquired its stake in Green Landscaping via its FSN Capital III vehicle in August 2009.

Previous funding
FSN acquired four Swedish landscaping companies in August 2009: Mark-och Trädgårdsanläggare Sjunnesson, Jungs, Qbikum and ISS Landscaping. FSN pursued a buy-and-build stratey, aimed at acquiring 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.

The landscaping services company completed the bolt-on of landscaping groups Svensk Jordelit and JE Eriksson Mark & Anläggningsteknik in December 2017. Following the deals, the annual turnover for the 12 months prior to September 2017 for Green Landscaping was expected to be around SEK 1bn, a source close to the deal confirmed with Unquote at the time.

Company
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.

The company's adjusted EBITDA margin increased from 4.2% in 2014 to 9.4% in 2017, including full-year earnings from companies acquired in 2017.

People
FSN Capital – Andreas Bruzelius (principal)
Green Landscaping – Johan Nordström (CEO).

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