Acquisition of Western Landscapes Limited – Trading as ‘Wyevale Landscapes’ and ‘Wyevale Grounds Maintenance’ by English Landscapes
We are pleased to announce the acquisition of Western Landscapes Limited, T/a Wyevale Landscapes and Wyevale Grounds Maintenance (“Wyevale Grounds Maintenance” or the “Company”) by Elysian Capital on behalf of its portfolio company English Landscapes.
Wyevale Grounds Maintenance, based near Bristol, provides hard and soft landscaping and grounds maintenance services to local authorities operating from 10 sites around the country including major contracts with the local authorities of the Isle of Wight, Lewes, Eastbourne, Stroud and North Somerset among others. The Company has been trading in its current form since 1989 and before that as part of the wider Wyevale family of companies which have been trading since the 1950s.
The Company has displayed a consistent level of profitability and cash generation with turnover of approximately £6m p.a. over the last 3 years.
Wyevale Grounds Maintenance represents an excellent opportunity for Elysian to acquire a profitable business, and a well known horticultural brand, with a high degree of contracted forward revenue expanding the contracted grounds maintenance base of the enlarged group (the “Enlarged Group”) and strengthening its presence in the West of England and along the South coast.
Nick Temple-Heald, English Landscapes CEO commented “We are delighted to welcome Wyevale Grounds Maintenance into the English Landscapes Group. We believe the acquisition provides an excellent fit with our existing business and will give the expanded group greater economies of scale and enable us to offer a comprehensive, professional and competitive service in grounds maintenance to our local authority customers”.
Ken Terry, Elysian Capital CEO commented, “With the acquisitions of English Landscapes in March 2008, Banyards in September 2008 and now Wyevale Grounds Maintenance, the Enlarged Group becomes a £50m turnover business and a company with real scale. We believe our continued strategy of making selective acquisitions at attractive multiples will continue to build value for our shareholders and create a major player in the important UK grounds maintenance sector”.