Mon, 15 May 2023 | BUSINESS SALE
Green services firm Nurture Landscapes Group has completed its largest acquisition in five years with a deal for ground maintenance provider CGM Group. The deal comes shortly after Nurture received a £57 million investment from All Seas Capital.
The acquisition is Nurture’s eighth deal in the past year and the largest since its 2018 takeover of Gavin Jones Ltd. CGM Group, founded 38 years ago as Country Ground Maintenance Ltd, is based in East Anglia, considerably boosting Nurture’s presence in the region.
CGM provides arboriculture, grounds maintenance and environmental services to an array of organisations. The company, which is based in Downham Market, Norfolk, has nearly 200 staff and its clients include the Canals and Rivers Trust and Amey Defence Systems.
The firm has experienced significant growth over recent years, having successfully renewed many of its existing contracts on improved terms, while winning several new contracts from rival firms – including long-term national contracts.
In its accounts to the year ending December 31 2022, CGM reported turnover of £14.48 million, a significant increase from £9.85 million a year earlier, while total comprehensive income for the year soared from £114,221 in 2021 to nearly £2.8 million. The firm is said to be on track to deliver turnover comfortably in excess of £15 million for 2023.
Following the acquisition, CGM founders Tim and Julie Glover will step down from the company. The founders’ son, Operations Director Marcus Glover, will become Nurture Landscapes Group’s new Regional Director for East Anglia.
Nurture Group founder and Executive Chairman Peter Fane said that the deal was a “crucial acquisition” for the group for several reasons, primarily due to the significantly increased presence it provides in the East of England.
Fane continued that the deal will enable the group to introduce new services and that CGM’s ethos and management were well aligned with Nurture's own. He added: “All this, and on the back of our recent third-party investment, aligns with our strategy to both grow and consolidate each market within the green services space.”
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