NEW YORK – Town & Gardens Ltd., a landscape installation and maintenance company operating in Manhattan, has concluded the sale of their business to a strategic industry buyer. Town & Gardens and the acquirer are both regular PLANET award winners for their design, installation and maintenance services.
Three Point Group was engaged by Town & Gardens in 2008 to establish a transition and succession plan for the owners with the idea that they and the employees would continue to work for the company. The plan, created with key employees and facilitated by Three Point Group, resulted in the sale of the company this month. Three Point Group was the primary advisor on the deal including the search for and identification of the buyer, the negotiations on price and deal structure and the consummation of the purchase agreement. The buyer is a long time industry leader – Ultimate Services Professional Grounds Management, based in Wolcott, Conn.
The combination of these two companies makes great strategic sense with overlapping client and services business and opportunities in the Manhattan and Connecticut residential and commercial markets.
The owners of Town & Gardens will remain with the company and assist in the integration of business systems and sales growth. Both companies are excited by the potential created by this deal and look forward to the synergies that will enable rapid growth in the future.
“Although we had a very strong company that generated a lot of interest, finding a buyer that had similar values and embraced our company culture was the critical factor in making this transition happen,” said Don Sussman, president and largest stockholder of Town & Gardens. “Only a few weeks into our new structure we are already seeing the wisdom and benefits of this approach.”
“We could not be more pleased to unite our families with those of Town & Gardens,” said John G. Chiarella Jr., president and CEO of Ultimate Services. “The synergies we had hoped to realize have been more than surpassed in the short time we have been together. We are excited about the future of what our companies can achieve through our joint efforts, and are looking forward to fulfilling our mutual goal of being the premier service provider in the southeastern Connecticut / New York City region.”
Town & Gardens will continue to operate in the Manhattan offices as usual.