“We are very pleased with Seidenspinner becoming part of the idverde family,” said Jan Jörgenshaus, CEO of idverde Germany. “Seidenspinner is a partner who shares our vision of a greener and more environmentally-friendly Germany. A promising joint start on the German market.”
Leading traditions and know-how into the future
Managing director Hans-Jörg Seidenspinner is also convinced of the synergies: “With idverde, Seidenspinner has the opportunity to stay fit for the future and grow sustainably. To be part of the largest landscaping company in Europe
and still represent common values is a basis of the union, which I really appreciate.” With Moritz Seidenspinner, the fourth generation of the company is also looking positively into the future: “I am looking forward to our employees now having international career and training opportunities. I know we are an asset to idverde with our expertise and strong foothold in the German market.”
The Seidenspinner company was founded in 1905 and has since played a formative role in gardening and landscaping in the greater Stuttgart area. Projects include participation in the 2019 Federal Garden Show, the design of the “Grüne Fuge Stuttgart” park, the outdoor facilities of the Heilbronn educational campus and the Outletcity Metzingen shopping centre.
idverde Germany on course for growth
When expanding the group, idverde always focuses primarily on customer service: From strategic planning of design concepts to maintenance, the company offers everything from a single source. “We underpin this claim with the selection of our member companies,” explains Hervé Lançon, President of the idverde Group. “With Seidenspinner we have our first strong partner in Germany who combines innovative ideas and a broad service portfolio with over a century of experience.”
Core Equity Holdings announces its purchase of a majority stake in Provalliance, Europe’s leading provider of haircare services and products.
Core Equity Holdings, a highly differentiated investment advisor aiming to provide patient and flexible capital to European companies, is pleased to announce that it has purchased a majority stake in Provalliance, Europe’s leading provider of haircare services and products.
The company has a global network of over 3,000 salons operating under 17 separate leading brands, including, among else, Franck Provost & Jean-Louis David. It also operates Bleu Libellule, a fastgrowing omnichannel distributor of professional haircare products.
Core Equity Holdings’ goal is to be the best partner possible for owners of businesses and management teams who want a long-term focused, well capitalized and patient investor to support a growth-oriented strategy. This will be no different with Provalliance.
Franck Provost commented: “Our partnership with Core Equity Holdings will allow the company to continue to thrive whilst remaining true to our core tenets of family-like stewardship and long-term orientation.”
Pierre Heinrichs, a Partner at Core Equity Holdings, commented: “We have been impressed by Provalliance’s market leadership and long track record of growth. We are delighted to start this partnership with Franck Provost and Provalliance’s outstanding management team, led by Marc Aublet. This investment illustrates our unique positioning, combining both long-term and active ownership to help a focused portfolio of high quality businesses unleash their full potential.”
Marc Aublet, CEO of Provalliance, added: “I am excited about the road ahead for Provalliance under the stewardship of Core Equity and the Provost family. I would also like to thank the Core Equity team for the trust they’ve placed in us and our continued ability to shape the future of the European haircare industry.”
Arthur de Clermont-Tonnerre, Head of France coverage at Core Equity Holdings, commented: “Franck Provost is exactly the kind of entrepreneur we seek to partner with. He opened his first salon over 40 years ago and has patiently grown his business into a true European champion. We have been in discussions with him and the team for over two years now and I am thrilled at the prospect of Core Equity helping them continue to build on Franck’s impressive legacy.”
About Core Equity Holdings
Core Equity Holdings is an innovative, European private investment advisor that focuses on partnering with long-term oriented management teams, families and corporates seeking to actively grow and build their businesses. It focuses on companies with long-term growth potential with enterprise values between €300M and €1,000M.
Camarco Eddie Livingstone-Learmonth
M: +44 7900 121 128
‘As of today, OKNygaard is part of idverde, Europe’s largest landscaping group. With this move OKNygaard and Malmos constitute idverde Denmark, now the leading landscape gardener in Denmark,’ says Hervé Lançon, CEO of the idverde group.
Ole Kjærgaard, CEO of OKNygaard, is pleased with the sale and perceives it as the next logical step in creating a landscape gardening group that can match the market and its demands. The company will be a strong green partner in landscape creation and a professional partner in maintenance. Customers will get access to idverde’s combined knowledge and thus can draw on expertise from five different countries. Employees will experience new opportunities thanks to idverde’s internal training programmes and new international career paths.
‘OKNygaard is a strong nationwide landscape gardener with good relationships with the local market. It plays into our strategy of becoming the leading landscape gardener in Denmark,’ says Morten Dohrmann, Chief Executive Officer of idverde Denmark. ‘It is very important to maintain OKNygaard’s powerful brand and local anchoring, while we complement the specialist knowledge that exists in Malmos.’
OKNygaard and idverde agree that landscapes, green maintenance, eco-friendly cities, biodiversity, green roofs etc. constitute the main ingredient in the vision of creating a greener and more eco-friendly Denmark.
‘There are countless requirements for today’s climate solutions and green urban spaces. We see major potential in total economic solutions, where creation and maintenance are combined when initiating the project,’ states Ole Kjærgaard, CEO in OKNygaard.
OKNygaard was established through a merger seven years ago, and is today a landscaping business, which is equally local and nationwide.
‘As one of very few in this industry, we are working locally, while also being able to handle nationwide arrangements, such as DSB and Ørsted. With Malmos as our sister company, we can offer all types of landscape creation – not just under, in or above ground, but also on walls and roofs. And of course, we are able to provide the necessary care and maintenance. Our goal remains the same – to provide the full package – locally and nationwide,’ states Ole Kjærgaard, when asked about the future of OKNygaard.
With this acquisition, idverde completes its European geographic coverage. The company is held by Core Equity Holdings alongside its main managers. With this acquisition idverde, will earn more than 800 million euros in sales across five countries, and has 7,500 employees who are experts in their fields.
Core Equity Holdings, a highly differentiated investment advisor aiming to provide patient capital to a handful of platform companies in Europe, is delighted to announce that Pierre Heinrichs, Olivier Aretz and Pierre Laffineur will join its team, all starting in March 2020.
Pierre Heinrichs joins us as a Partner and was previously with Caisse de dépôt et placement du Québec (CDPQ), where he was a Managing Director, Direct Private Equity, in their London office. Prior to his tenure at CDPQ, Pierre held senior positions at Helios and Bain Capital.
Olivier Aretz joins us as a Vice-President and was previously with Dümmen Orange, where he was a Managing Director in the Products Team and a member of the Executive Board. Prior to his tenure at Dümmen, Olivier held senior positions at NXP and McKinsey & Company.
Pierre Laffineur joins us as a Vice-President and was previously with D’Ieteren Auto, where he was Chief Financial & Operating Officer. Prior to this, Pierre held positions at Bain & Co and Deloitte.
Commenting on the appointments, Marc Valentiny, Partner at Core Equity, said: “We’re thrilled to have attracted such a talented set of individuals from blue chip, like-minded institutions. Our team, at 21 investment professionals, is now nearly complete. We’re incredibly proud of the quality of the team we’ve assembled and look forward to creating lasting value with them over the long term.”
About Core Equity Holdings
Core Equity Holdings is an innovative, European private investment advisor that focuses on partnering with long-term oriented management teams, families and corporates seeking to actively grow and build their businesses. It focuses on companies with long-term growth potential with enterprise values between €250M and €1,000M. The firm was spun out of Bain Capital in 2015, and has grown its professional team to be one of the largest Benelux private equity firms.
MALMOS, a leading Danish landscaping company, has taken a decisive step in its strategic development by becoming part of the idverde family. idverde is the largest European landscaping business and will provide MALMOS clients and employees with additional capabilities and specialised knowledge as it continues to develop.
MALMOS will continue to be headquartered in Roskilde and will not be rebranded. Its existing organisational structure of executive board, management team and employees will also continue. MALMOS’ current owners will remain shareholders by investing in idverde Group alongside other managers of the Group.
Portman Dental Care, the UK’s largest privately-focussed dental group, is celebrating another fantastic achievement after being named ‘Outstanding Business of the Year’ for 2019 at the Dental Industry Awards. It is the third consecutive year that Portman has won the award and represents another landmark in the firm’s 10-year history, following another year of significant growth and development.
Portman Dental Care (www.portmandentalcare.com) was founded in 2009 by amateur jump jockey and Cheltenham Gold Cup winner, Sam Waley-Cohen, who remains the company’s CEO and is a driving force within the organisation and its culture. Portman Dental Care has gone through another year of significant development and expansion with the operational and financial support of its main investor, Core Equity Holdings, adding 38 practices to the estate of Portman practices in 2019 so far. This brings the total number of practices to nearly 130 practices, with over 2,500 colleagues, in the busiest ever year for growth.
Portman Dental Care has been recognised not only for its growth, but for the way in which it chooses to operate; group dentistry done differently. Portman is a people business, first and foremost, which champions the focus on the people who make the business thrive – the people who work for Portman and the patients they care for. In fact, one of the founding principles of Portman was their patient focus, ensuring that patient care was, and is, at the heart of all key decisions. Key to driving this focus has been ensuring that the business is clinically-led, allowing all clinicians to focus on providing first rate dentistry, using first rate technology and equipment; relieving them of the pressures of running a business.
The growth of Portman’s’ central support team in Cheltenham, Gloucestershire, also saw a recent move to a new home at ‘The Port’ in a purpose-designed premises within the nationally-known UCAS – Rosehill building. The Port is home to 100+ centrally-located colleagues who, together with a further 30+ field-based colleagues, provide the administrative and operational support to allow practices and clinicians to focus on providing great patient care. This demonstrates the company’s commitment to invest in first class practice support and their ambition to revolutionise the dental care industry.
This year Portman has also expanded into the orthodontic market with the launch of Portman Smile Clinic; initially winning 9 out of 10 bids for NHS orthodontic contracts in the South of England, plus 1 contract within the London area, in Lewisham. Portman Smile Clinics are purpose built, state of the art practices built with best practice clinical input and with a strong focus on the consumers that they are serving. Over £7m has been invested in establishing the 12 Portman Smile Clinic practices to date.
Sam Waley-Cohen, Founder and CEO had the following to say:
“I can’t tell you how proud I am of the whole team at Portman for being recognised with this award for a third successive year. The growth of Portman from inception to where we are today has been an amazing journey which has been made possible by the huge energy and commitment of so many people. After all, it’s people who drive this business, be they colleagues, Clinicians or our patients. We firmly believe in the need for treating everyone as we would want to be treated ourselves and I know that this helps to keep our focus and drives our success. Everyone in the business goes above and beyond to help make the company what it is today and this award belongs to everyone. It gives me great pride to see what the team have achieved and our commitment to doing dentistry differently – something we passionately believe in and something that drives our vision for 2020 and the years to come”
Learn more about the Portman Dental beginnings and journey to date here.
For further information get in touch with:
Digital Marketing Manager
Portman Dental Care
idverde today confirmed the acquisition of TCL Group. Under the leadership of TCL’s Executive chairman, Simon Cashmore, TCL has established itself as a niche national provider of Landscaping, Play products and Grounds Maintenance services to a diverse UK customer base.
With Regional hubs in Derby, Northampton, Dorking and Melksham, TCL has annual sales of £65m and employs over 850 colleagues, delivering its products and services to a range of Blue Chip and Public Sector clients. This acquisition expands idverde’s UK portfolio of services, providing a complementary offer to existing clients in both companies and further develops idverde’s extensive national coverage delivered by idverde colleagues. idverde UK now has over 3,850 directly employed colleagues across the UK which enables its service capability to be far reaching to serve clients both locally and nationally.
idverde Group is Europe’s leading provider of Green Services with a turnover in excess of €600m, employing over 6,000 colleagues throughout France, Holland and the UK where it is also the market leader in each of the respective Countries in which it operates.
Simon Cashmore and the TCL Executive management team will take up senior roles within idverde.
European spin-off of Bain Capital raises EUR 1 billion – Small number of commitments planned for a few investors – Without “structural pressure”
Private Equity forces change in companies, but has hardly reformed itself in the last 20 years. Core Equity in Europe is withstanding the exit pressure and the compulsion to repeatedly launch new funds in order to satisfy investors and to generate high fees and is now making a stand against investments with a lot of staying power.
By Walther Becker, Frankfurt
Core Equity investiert mit langem Atem
Europäisches Spin-off von Bain Capital wirbt 1 Mrd. Euro ein – Für wenige Investoren wird eine geringe Zahl an Engagements geplant – Ohne “strukturellen Druck”
Private Equity forciert Veränderungen in Unternehmen, reformiert sich aber seit 20 Jahren kaum. Dem Exitdruck und dem Zwang, immer wieder neue Fonds auflegen zu müssen, um Investoren zufriedenzustellen und selbst hohe Gebühren zu generieren, stemmt sich Core Equity in Europa mit einem langen Atem für Investments entgegen.
Von Walther Becker, Frankfurt
idverde announced today the acquisition of BTL, Holland’s market-leading green services provider, with principal operations in landscape construction and grounds maintenance. This is idverde’s largest deal to date and provides an opportunity for BTL to develop its domestic strategy further.
idverde is Europe’s market leader in landscaping services with annual revenues of €500 million and employing over 5,400 colleagues. It already has a strong footprint through leading markets in France and the UK, the latter which has recently announced its entry into Ireland. The group is now entering the Dutch market through the acquisition of BTL with the aim of pushing forwards its consolidation strategy which has already proven successful in its domestic countries.
With 400 colleagues, BTL has annual revenues of €70 million and delivers services across Holland from 15 branches. BTL’s main services cover landscape construction, grounds maintenance, arboriculture and consultancy. BTL is headed by its CEO, Olaf Janssen and CFO, Sandra Eremita, with both continuing in their roles, and focussed on their strategic aims to develop the Dutch market further.
CORE EQUITY HOLDINGS ACQUIRES PORTMAN DENTAL CARE
Core Equity Holdings today announces the acquisition of Portman Dental Care, the fastest growing privately led dental group in the UK.
Founded in 2009 by Sam Waley-Cohen, Livingbridge invested in Portman in 2014. Since then, this investment has helped grow the group from 27 to over 75 practices across the UK, building a strong reputation for modern facilities, patient friendly appointments, friendly and caring staff and the highest clinical standards. Sam Waley-Cohen will remain as CEO, with the Waley-Cohen family retaining a significant stake in Portman.
Portman’s management team has also been bolstered significantly over the past four years with the recruitment of current Chairman, Richard Connell, along with the recruitment of a COO and M&A director…
Commenting on the exit, Sam Waley-Cohen, CEO said:
“I would like to thank Livingbridge for their support over the last three years, during which time they have helped us grow to over 75 practices across the UK and establish Portman Dental Care as the fastest growing, privately focussed dental group in the UK, whilst retaining our core values of putting our people first and looking after our patients. I am delighted to have found a supportive investor in Core Equity Holdings and am excited about the future direction of the business as together we look to deliver the next phase of our growth plans.”
Adam Holloway at Livingbridge, said:
“Sam and the team at Portman have built a fantastic company which is now one of the shining stars of the sector. We are delighted to have played our part to help grow the business further and look forward to seeing the business continue to grow over the coming years.”
Bart Wouters at Core Equity Holdings, said:
“We are very impressed by the unique and differentiated dentistry company Sam and his team have built and are excited to support them in the next phase of their journey. This partnership is very much aligned with our strategy to provide patient, long term capital to ambitious founders and their teams, to enable them to actively grow their business, both organically and through M&A.”
For further information, please contact:
Core Equity Holdings
Edward Gascoigne-Pees, Camarco
email@example.com / +44 203 757 4984
Oliver Hughes, MHP Communications
0203 128 8100 / firstname.lastname@example.org
Fiona Evans, Livingbridge
020 7506 5605 / email@example.com
Notes to editors:
Livingbridge are an independent, specialist asset management firm of over 80 people in the UK and Australia with over £1bn to invest in fast growing companies over the next five years.
Our team have been backing growing businesses together for twenty years, investing anything from £2m to £70m in businesses valued up to £150m. We’ve done it over a hundred times, turning many into household names both at home and abroad. We get growth.
We understand the people behind growing companies in consumer markets; healthcare and education; technology, media and telecommunications; financial services and business services, and help them achieve what’s right for them and their business.
We invest on behalf of both institutional and retail investors. We are actively investing funds on behalf of Livingbridge 6 LP, Livingbridge Enterprise 2 LP and the two Baronsmead Ventures Trusts. Livingbridge also manage Livingbridge CF UK Micro Cap Fund and Livingbridge CF UK Multi Cap Income Fund.
Core Equity Holdings
Core Equity Holdings is an innovative, European private investment firm that focuses on partnering with long-term oriented management teams, families and corporates seeking to actively grow and build their businesses. It focuses on companies with long-term growth potential with enterprise values between €250M and €1,000M.
CORE EQUITY HOLDINGS ACQUIRES IDVERDE FROM CHEQUERS CAPITAL THROUGH A MANAGEMENT BUY OUT
Core Equity Holdings has concluded the acquisition of Id verde, the European leader of green space creation and maintenance, from Chequers Capital. The existing management team headed by Hervé Lançon reinvests significantly as part of the transaction and will lead the new development phase of the group.
Since Chequers Capital acquired Id verde from ISS in 2014 through a management buy-out, the management team grew the business from sales of €270m to €430m, through a mix of organic and external growth. Id verde developed organically its customer base towards private clients and maintenance contracts. It reinforced its French leadership position through 7 acquisitions and became the leader in the United Kingdom through the acquisitions of The Landscape Group, Quadron and Land Engineering. UK sales now account for one third of Id verde total sales.
Going forward, Id verde’s management team will continue to focus on its long-term objective to become the Pan-European leader in the green space creation and maintenance market. The company will continue to expand its geographic footprint to new countries and deepen the density of its coverage wherever it operates in order to deliver to its clients the highest professional standards and widest breadth of services offering.
Hervé Lançon, President of Id verde said:
“After four exciting years with Chequers Capital, we have achieved our goal of putting Id verde on a new growth trajectory. We will continue to pursue our consolidation strategy, and the investment by Core Equity Holdings provides the opportunity to accelerate our growth in new countries and lines of business. Our focus is and will continue to be on creating and maintaining wellbeing spaces everywhere in Europe. Our team of 5000 colleagues is proud to partner with such a strong and patient shareholder.”
Bertrand Rabiller, Managing Director at Chequers Capital adds:
“We are delighted to have supported Hervé Lançon and the Id verde management team in its transformation of the business into a leader in France and the United Kingdom. We are confident that Id verde will continue its organic and external growth path under Core Equity Holdings ownership.”
Marc Valentiny, a Partner at Core Equity Holdings said:
“We are very impressed by what Hervé and his team have accomplished since their Chequers-backed management buy-out and are thrilled to be able to support them in the next phase of their journey towards building a Pan-European Champion. This partnership is very much aligned with our strategy of providing long-term capital to ambitious management teams, enabling them to actively grow their business, both organically and through acquisitions”.
NOTES FOR EDITORS
About Id verde
Id verde is Europe’s largest provider of grounds maintenance services and landscape construction projects, with an annual turnover of €430m and over 5,000 staff operating throughout the UK and France. Id verde offers a holistic range of services to support the creation, maintenance and management of landscapes throughout the UK and France, working with both public and private sector clients to deliver bespoke solutions for each project’s unique challenges.Id verde services range from professional open space management, to landscape design and build, grounds maintenance, tree surgery, outdoor facilities management, biodiversity management and waterways management.
About Chequers Capital
Created in 1973, Chequers Capital is one of the oldest private equity investors in Europe. An independent company, it manages assets totalling around 2 Billion Euros. It is one of the European leaders of private equity investment in mid-size companies with 20 investments professionals in Paris, Munich and Milan. Chequers Capital invests in industry, services, distribution and more generally in companies which have an international development potential.
About Core Equity Holdings
Core Equity Holdings is an innovative, European private investment firm that focuses on partnering with long-term oriented management teams, families and corporates seeking to actively grow and build their businesses. It focuses on companies with long-term growth potential with enterprise values between €250M and €1,000M. The partners of Core Equity Holdings have a long and successful history of investing across a wide range of industries and transaction types, including consolidation platforms, business model roll-outs, corporate partnerships and company repositionings.
Core Equity Holdings, a European investment advisor aiming to deploy patient capital into a handful of platform companies, has achieved a final close on its maiden fund, CEH L.P. (the “Fund”) at over €1 billion including GP commitment, exceeding its target of €750 million. The Fund attracted commitments primarily from university endowments, foundations and large family offices.
Commenting on the final close, Walid Sarkis, one of the Managing Directors of CEH, said:
“We are honored to have received such strong interest in our maiden fund and would like to thank all of our current partners for their support. The positive reception we have gotten from investors, intermediaries and management teams highlights the scale of unmet demand for a truly patient, yet ambitious, private source of capital.”
The Fund advised by CEH is aiming to take controlling stakes in 3 to 4 platform companies that have substantial growth potential (organic or acquisition-led) over the long term. The targets are equity investments ranging from €200 million to €500 million per platform. The Fund is structured to be able to provide significant follow-on capital available to continue supporting the growth of its investee companies over the whole investment horizon.
The fundraising was done without placement agent, and is one of the largest buyout funds ever raised by a first-time group in Europe.
Core Equity Holdings announced today that it has been certified as a CO2-Neutral® company. This achievement is the result of a comprehensive effort to measure the firm’s global carbon footprint in accordance with international certification standards, coupled with a multi-faceted approach to reach net zero carbon emissions.
CEH has achieved its goal of net zero carbon emissions through supporting several projects across the globe. One of them, ‘Saving Trees’, seeks to reduce forest degradation in Uganda. The project facilitates the widespread access to improved cookstove technologies throughout the country, reducing wood and charcoal consumption by up to 50%. Additionally, it ensures better living conditions for the local population by reducing harmful airborne pollutants in their households and saving US $100 per year per family. Each cookstove avoids over 2 tons of CO2 per year on average; the equivalent of a return journey for one person from Brussels to New York.
“This accomplishment is a major step in our commitment to sustainability,” said Thomas De Waen, Managing Director at CEH. “We feel strongly that CEH should be a role model on long term issues affecting our communities and the world at large. However, the nature of our business will never allow us to fully eliminate business travel. So we are supporting several projects to compensate for our emissions.”
To achieve CO2-Neutral® company status, CEH worked with CO2logic, a world-leading provider of carbon reduction solutions. Certification involved a rigorous and independent assessment of different greenhouse gas emissions sources, coupled with an offset-inclusive emissions reduction program.