Splendor Plant — Acquisition by Seafire
Wholesale plant nursery producing and supplying trees, shrubs and other plants to landscapers, municipalities, plant retailers, wholesalers and housing companies, acquired by Seafire, illustrating how market-leading position, established profitability and diversified customer relationships can support a valuation above typical sector multiples.
Acquirer
Seafire
Year
2026
Purchase Price
SEK 135m
Revenue
SEK 199m
Adjusted EBITDA
SEK 25m
EBITDA Multiple
5.3×
Industry
Plant Nursery
Transaction
Seafire agreed to acquire 100% of Splendor Plant for SEK 135m on a cash- and debt-free basis, with a potential additional earn-out of SEK 15m. The stated purchase price excluding the earn-out represented 5.3× 2025 EBITDA. Splendor Plant was the Nordic region's largest wholesale plant nursery, operating from an approximately 80-hectare owned facility with around 120 employees and nearly 1,300 active customers. Its ten largest customers represented approximately 20% of annual revenue.
Why the Premium?
- Market-leading position as the Nordic region's largest wholesale plant nursery
- Established profitability with SEK 25m EBITDA on SEK 199m revenue
- Diversified customer base with nearly 1,300 active customers
- Recurring customer relationships with landscapers, municipalities and housing companies
- Scale and stability with an approximately 80-hectare owned facility and 120 employees
- Exposure to the growing green-infrastructure market
SME Takeaway
Splendor Plant's revenue fell within the SME Multiples $1–$50M benchmark. The transaction illustrates how a market-leading position, established profitability, diversified customer base and recurring customer relationships can support a valuation above the typical 3.5×–6× plant nursery sector range. The 5.3× multiple is based on the SEK 135m purchase price and SEK 25m 2025 EBITDA; the additional SEK 15m earn-out is excluded from this multiple.
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.