Acquisition of Banyards Limited by The Landscape Group
Elysian Capital has acquired Banyards Limited, a Dorset based grounds maintenance and landscaping company, via its investee company The Landscape Group.
Banyards has displayed a consistent level of profitability and cash generation with turnover of approximately £3m p.a., generating EBITDA of roughly £500k over its last 3 sets of audited accounts for the years ending 31 December 2004 to 31 December 2007.
Banyards has been trading from Horton Heath, near Wimborne in Dorset since the 1970’s.
The business comprises four divisions, operating from 7 depots as follows:
- Grounds Maintenance: Purbeck, Salisbury, Bournemouth, Grounds Central and Grounds Eastern
- Landscaping (hard and soft)
- Tree Surgery
- Interior Landscape (plantscape)
Grounds maintenance is the main part of the business, supported by more than 170 contracts, the 3 largest being Bournemouth Borough Council, Salisbury District Council and Johnson Controls for IBM.
Banyards is an excellent opportunity to acquire a defensive business with a high degree of contracted forward revenue. Its acquisition price is relatively modest and Banyards has good potential for synergistic benefits with English Landscapes in its adjacent operations in Hampshire and Wiltshire.
It expands the contracted grounds maintenance base of the Group, enhancing its overall value.