European private equity firm Cinven today announces that it has fully realised its investment in Coor, the pan-Nordic integrated facility management (IFM) services provider, following the sale of its remaining 12.6% in the listed company on 27 May 2016.
Cinven acquired Coor in December 2007. During Cinven's ownership:
- Coor increased revenues and strengthened and diversified its offerings to create one of the most resilient Nordic facilities management operations;
- Several strategic acquisitions were completed to accelerate the transformation of the business from a Swedish to a pan-Nordic operator;
- Its acquisition of Lujapalvelut doubled Coor's presence in Finland; and the acquisition of Addici strengthened and broadened its customer base in the SME sector;
- The management team was strengthened with the appointment of Mikael Stöhr as CEO.
Coor's IFM business successfully listed on Nasdaq Stockholm on 16 June 2015 with the IPO several times oversubscribed despite the wider stock market volatility and priced just below the top of the price range. Cinven sold down its remaining shares in Coor post-IPO in two tranches; it previously sold a 21.9% stake on 26 February 2016.
Cinven retains Coor's Industrial Services, now renamed Jernbro, an industrial facilities management provider headquartered in Sweden.