Apax Funds to acquire SavATree
31st August 2021Apax Funds advised by Apax (the “Apax Funds”) announced today that they have reached an agreement to acquire SavATree, a leading, professional tree, shrub and lawn c
Funds advised by Apax (the “Apax Funds”) announced today that they have reached an agreement to acquire SavATree, a leading, professional tree, shrub and lawn care provider, from CI Capital Partners. The transaction is subject to customary closing conditions and is expected to close in Q4 2021. Terms of the transaction were not disclosed.
SavATree was founded in 1978 and is headquartered in Bedford Hills, New York. SavATree is committed to an environmentally sensible approach to tree, shrub and lawn care services and has been caring for residential, commercial and government properties for over 40 years. The company services customers in 27 states through 58 locations.
The Apax Funds, in partnership with SavATree’s leadership team, will strive to accelerate the company’s already impressive growth trajectory both organically and through strategic M&A, while continuing to deliver the highest level of customer care and service. SavATree has built a strong reputation across the U.S. by focusing on customer service and environmental sustainability. The Apax Funds will support the company to drive their success.
Daniel van Starrenburg, Executive Chairman of SavATree, said: “I’m delighted that the Apax Funds have invested in SavATree. We’ve built SavATree into a company that people trust and rely upon across the US, and Apax has the experience and know-how to help us achieve our ambitious, global growth plans while staying true to our customer-centric, environmentally responsible approach. Together with our dedicated teams, we can’t wait to start this next chapter of the business.”
Carmine Schiavone, SavATree’s CEO, added: “SavATree has continued to go from strength to strength and we are excited to partner with Apax for the next phase of our journey. Their experience in the residential services industry combined with their transformational growth approach will be of great value as we continue to build our business, offering our services to more customers both in the US and globally.”
Ashish Karandikar, Partner, Apax, commented: “SavATree is a true leader in the arboriculture space and over its forty-year history has built an enviable brand and position in the industry. This is a market the Apax Funds know well, and SavATree was prioritized given the Funds’ sub-sector specialization in route-based services and residential services with prior investments in Authority Brands, Garda, Safety Kleen, and ADCO. We are proud to partner with the SavATree team and look forward to combining SavATree’s strong heritage and reputation for excellence with Apax’s deep operational and digital expertise to drive the business forward.”
Apax was advised by Kirkland & Ellis LLP (legal advisor), Deutsche Bank (lead financial advisor) and Baird (financial advisor). SavATree was advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP (legal advisor) and Harris Williams (financial advisor).