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Tivoli Group

Status

Current

Situation

Carve-out

Sector

Grounds maintenance

Headquarters

Cheshire, UK

Investment Date

June 2018

Tivoli Group is a leading, nationwide provider of grounds maintenance and outdoor services to the UK private and public sectors.


About Tivoli Group

Tivoli provides grounds maintenance, arboriculture, and winter services to clients across the UK in both the public and private sectors. Typical work includes the maintenance of local authority parklands and corporate headquarters, managing winter conditions on roads.


Sullivan Street has helped Tivoli Group:
  • Rebrand and build central and back-office functions
  • Recruit an experienced, high level management team
  • Acquire a competitor growing top line by 20%
  • Drive significant improvements to operations and financial performance


The Opportunity

Tivoli Group was formerly the UK grounds maintenance division of ISS A/S, one of the largest integrated facilities management businesses in the world. In 2013 it was identified as non-core to ISS’ strategy and was marketed for sale. The significant complexity of the carve-out and significant cash losses meant ISS were unsuccessful in finding an acquiror. Sullivan Street with its significant carve-out experience and involvement in Facilities Management saw significant underlying value in the Business and so agreed to partner with ISS to acquire the division. The transaction was significantly complex and necessitated: a trade and assets purchase; TUPE of 1,500 employees and associated DC/DB pension schemes; novation of over 400 contracts and 70 property leases; and creation of central administrative function and management team .