CI CAPITAL-BACKED SAVATREE TO BE ACQUIRED BY APAX
CI Capital Partners announced today that it has signed a definitive agreement to sell SavATree to funds advised by Apax. SavATree is a leading provider of professional tree and lawn care services.
SavATree has tripled its revenue under CI Capital’s ownership, growing from 28 branches in 12 states to 58 branches serving 27 states, through a combination of organic growth and 27 add-on acquisitions.
Signal Partners assisted SavATree with its CEO succession initiative in 2019. The execution of this operating plan initiative allowed founder/CEO Daniel van Starrenburg to move into an Executive Chairman and former JCI executive Carmine Schiavone to assume the CEO role.
“When the time came to find a new CEO, Signal was a true partner,” commented Daniel van Starrenburg.
Joost Thesseling, Managing Director of CI Capital, said, “We are proud to have backed Daniel van Starrenburg, Carmine Schiavone and their team in building a national business, and are thrilled to have supported the company during a time of tremendous growth. Throughout its 40+ year history, SavATree has earned a reputation for best-in-class customer service and a focus on environmental sustainability relied upon by consumers, businesses and governments.”
Daniel van Starrenburg, Executive Chairman of SavATree, added, “In partnership with CI Capital, we have realized significant growth and built SavATree into a company that our customers depend upon to care for what they love. I am extremely grateful for the support of the CI Capital team as we worked to double our footprint, triple our revenue and invest in our team to solidify our position as a true industry leader. We look forward to working with the Apax team as our journey continues.”
Carmine Schiavone, SavATree’s CEO, added, “As we embark on our next phase of our growth, we are well positioned to build upon the momentum we have established along with our partners at CI Capital. We are grateful for CI Capital’s support as we executed our strategy and realized our vision of building a national leader, while remaining true to our customer-centric, environmentally-responsible approach.”