Apax fund acquiring majority stake in NY-based SavATree

Apax Global Alpha announced on Wednesday that the Apax X fund has signed a definitive agreement to acquire a majority ownership stake in SavATree, a professional tree, shrub and lawn care provider.

The FTSE 250 company said the transaction was expected to close in the fourth quarter, subject to customary closing conditions.

On a look-through basis, Apax Global Alpha was expected to invest around €23m (£19.74m) in the company, depending on final closing arrangements.

“SavATree was founded in 1978 and is headquartered in Bedford Hills, New York,” the board said in its statement.

“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.”

Apax X, in partnership with SavATree's leadership, would work to accelerate the company's “already impressive” growth trajectory, both organically and through strategic mergers and acquisitions, while continuing to deliver the “highest level” of customer service.

Apax Global Alpha made a commitment of about $450m to Apax X in July 2019, and is a limited partner in the fund.

At 0801 BST, shares in Apax Global Alpha were down 0.47% at 210.5p.