FSN exits Green Landscaping in SEK 197m deal

The GP sold its holding of 9,281,788 shares, held via its FSN Capital III fund, through a block sale to construction company Byggmästare Anders J Ahlström Fastighets and the Salén family. Shares were priced at SEK 21.25 apiece, corresponding to a total of around SEK 197m.

Following the sale, FSN no longer holds any shares in the firm.

Previous funding
Green Landscaping was formed when FSN acquired four Swedish landscaping companies in August 2009: Mark-och Trädgårdsanläggare Sjunnesson, Jungs, Qbikum and ISS Landscaping. The GP pursued a buy-and-build strategy, aimed at acquiring businesses with long-term servicing contracts. Following the transaction, the group name was changed from Landscape Services Group to Green Landscaping in April 2010.
 
Green Landscaping 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.

FSN listed the company on the Nasdaq First North for an estimated SEK 318m earlier this year on 26 March. The share price was set at SEK 21 apiece, corresponding to a total market cap of around SEK 745m on completion of the offering.

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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