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Adelis plants capital in Christmas tree business Green Team

18 Aug 2014

Christmas treeNordic-focused mid-market buyout house Adelis Equity Partners has sealed the third deal by picking up a majority stake in Christmas tree seedling and decoration business Green Team Group.

AltAssets revealed Adelis had closed its €420m debut fund on its hard cap last October, and said it planned to tap it for majority stakes in deals with enterprise values of between €20m and €200m.

Denmark-headquartered Green Team launched in 1992 under the name Brdr. Majlands Planteskole, and last year had a turnover of DKK247m ($44.3m) and EBIT of DKK152m.

The company said it planned to more than double sales by 2020 by strengthening relationships with retailers and by expanding further into Eastern Europe.

Adelis partner Steffen Thomsen said, “Green Team Group plays a significant role in the ongoing professionalization of the Christmas tree sales in a number of European markets, and the company’s unique market position and strong relations to the large retailers is a great foundation for growth.

“We look forward to contributing to the company’s development towards becoming retailers’ preferred supplier in an exciting market which is undergoing significant structural changes.”

Stockholm-based Adelis held a €230m first close for the vehicle 12 months ago so it could begin putting capital to work in lower mid-market deals across the Nordics.

The firm poached 3i partner Steffen Thomsen earlier in 2013 following 12 years with the UK firm.

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