Margin- and value-accretive M&A in a green market
Green Landscaping Group ('GLG') is a Nordic (Sweden 56% of '22 sales, Norway 38%, Finland and Baltic 5%) serial acquirer that has established itself as a leading player (~5% market share) in the fragmented and steadily growing market for the landscaping and maintenance of outdoor environments. Roughly 60-70% of sales stem from public customers, where contracts are small (SEK 0.5-5m) but generally last for 3-5 years. By acquiring margin- and value-accretive units at 4-6x EBITA, combined with 4% org. sales growth p.a., GLG has through its decentralised M&A model achieved a 42% sales CAGR and a 63% adj. (ABGSCe) EBITA CAGR '18-'22. After a combination of high-margin recently acquired units and improvements in legacy units, GLG delivered rep. EBITA margins of 7.4-8.5% '21-'22, which we expect will reach 9.1-9.5% '23e-'25e.
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