BGF has successfully exited its investment in landscaping and grounds maintenance company, TCL Group. TCL has been acquired by idverde to create the UK’s largest provider of outdoor green services.
BGF first invested in TCL Group in May 2014 to exit an existing shareholder and provide funding for the acquisition of Burleys. As a minority equity partner, BGF has provided total investment of more than £16m to the group, which now has regional hubs in Derby, Northampton, Dorking and Wiltshire.
Led by Executive Chairman Simon Cashmore, TCL has completed seven acquisitions since BGF’s investment, growing its UK presence and successfully expanding its services to house builders, local authorities, schools and heritage estates. The buy-and-build strategy has tripled EBITDA across the group since 2014, with group turnover now £65m.
Simon and the TCL executive management team will take up senior roles within idverde. The acquisition of the group expands idverde’s portfolio of services, providing a complementary offer to clients in both companies.
Simon Cashmore, Executive Chairman of TCL commented: “It has been a pleasure to have led TCL Group since 2007, building the business from a single site to a multi-channel and multi-services company. I would like to thank BGF for their support in the growth of TCL.
“Joining forces with idverde presents an exciting opportunity for both colleagues and customers, and I look forward to playing a part in helping the group continue to flourish.”
BGF’s Paul Oldham, who served on the board of TCL Group, added: “This is a fantastic achievement for the team, and a reflection of the work that’s been dedicated to building the business. The TCL management team have worked hard to successfully execute the strategy and create one of the leading businesses in the sector.
“We are delighted both that BGF has delivered a good return on its investment and for the management team who become a valued part of the BGF alumni network. We wish TCL Group and idverde all the best in the next stage of their journey.”