Fairfax-controlled business services provider Quess Corp will acquire a 90% stake in Greenpiece Landscapes India Pvt. Ltd for up to Rs 26.2 crore ($4.1 million) in cash.
The deal value may adjust based on Greenpiece’s future performance, Quess Corp said in a stock exchange disclosure.
The company said that the landscaping business will complement its integrated facilities management business and that the acquisition gives it an opportunity to cross-sell Greenpiece offerings to its clients.
Greenpiece Landscapes was incorporated in 2008. It had revenue of Rs 33.3 crore in the fiscal year 2016-17. The company provides landscape services to corporate, industrial and real estate firms. It has about 700 employees.
The acquisition is likely to be completed on or before 31 March.
Veda Corporate Advisors acted as the financial adviser to Greenpiece Landscapes.
Separately, Quess Corp also announced changes in its top management. It promoted Subrata Kumar Nag as its chief executive officer and named Manoj Jain as its finance chief in place of Nag. Ajit Isaac continues as the chairman and managing director of the company.
Quess, earlier known as IKYA Human Capital Solutions Ltd, was founded by serial entrepreneur Isaac. It was acquired by travel and tour company Thomas Cook in early 2013 for Rs 256 crore. It was then rebranded as Quess. Thomas Cook itself was acquired in 2012 by Fairfax, which is controlled by Canadian billionaire Prem Watsa. India-born Watsa is the founder, chairman and chief executive of Toronto-based Fairfax Financial Holdings.
Quess has an active acquisition strategy and has acquired stakes in close to two dozen companies since 2008.
Its most recent acquisition was in November 2017, when it agreed to buy a 51% stake in the business process outsourcing arm of Tata Group. The previous month, it decided to purchase a 70% stake in Vedang Cellular Services Pvt. Ltd for up to Rs 40 crore ($6.2 million).
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