M&A Zing (S3EP3) – Mowers & Multiples: Inside the UK Landscaping Roll-Up Wave
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Gareth and Alfie dig into the landscaping roll-up thesis across the UK and Europe. We size the market, explain why it stays fragmented, and compare the playbooks of Nurture Group and idverde. Two live deals are unpacked to test lender appetite, customer concentration, seasonality, quality of earnings, and where the real value lies in long-term maintenance ARR. We cover arboriculture as a premium niche, interiors and vegetation management adjacencies, contract structures with local authorities and FM providers, and why Germany is the current battleground. Expect practical ranges on valuation and debt, working capital pitfalls, and clear signals of a true bolt-on versus a future headache.
UK landscaping is consolidating fast. We unpack the roll-up playbook, size up the big platforms, and then get practical with two real listings: a London front-garden specialist and a Midlands grounds-maintenance and arboriculture firm. Expect ARR dynamics, founder-dependence risk, accreditations, margins, and whether either deal makes sense as a platform.
Highlights include Nurture Group and idverde context, why arboriculture commands premiums, what “second-tier management” does to risk, and where multiple arbitrage shows up for acquirers. T
Timestamps:
[00.00] Intro and shout-outs in the searcher community
[02.05] Theme of the episode: UK and EU landscaping consolidation
[03.20] Nurture Group story and acquisition cadence
[04.35] Nurture numbers: revenue, losses, financing, adjusted EBITDA
[05.41] idverde, TCL and Green Landscaping Group across Europe
[07.02] Recurring revenue logic and arboriculture as a stabiliser
[09.26] Why we’re doing two deals instead of one
[12.24] Deal 1: London front-garden design/restoration specialist
[14.03] Deal 1 financials and profitability profile
[16.18] Deal 1 scalability limits and niche constraints
[17.39] Deal 1 founder-dependence and transition risk
[21.01] Deal 1 verdict
[23.00] Deal 2: Midlands grounds-maintenance and arboriculture firm
[24.22] Deal 2 margins: ~£450k EBITDA on ~£1.26m turnover
[25.09] Accreditations (CHAS, SMAS) and why they matter for tenders
[27.02] Second-tier management and saleability de-risking
[29.25] Platform potential and regional bolt-on strategy
[31.29] Multiple arbitrage at scale
[32.18] Deal 2 verdict
[33.27] Wrap-up and what’s next
Listings discussed:
• https://www.intelligent.co.uk/businesses-for-sale/leading-specialist-in-front-garden-design-restoration-and-creation-for-period-properties-based-in-south-east-england-int3528
• https://uk.businessesforsale.com/uk/specialist-grounds-maintenance-arboriculture-and-landscaping-service-provider.aspx
Want the company-level numbers we reference? Check performance summaries updated weekly from Companies House via BizCrunch: https://www.bizcrunch.co