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All Group media enquiries should be directed to
Vanessa Maydon, Corporate Affairs Director.

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London EC4M 7AG

Tel: +44 (0)20 7661 3325
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Email: Vanessa Maydon

Press releases

Coor
1 November 2007

Cinven reaches agreement to acquire Coor for €540 million

European private equity firm, Cinven, today announces it has reached an agreement to acquire Coor Service Management Group AB from 3i for a total consideration of around €540 million.

Coor is the leading integrated facilities management (‘IFM’) company in the Nordic region. The company specialises in managing, developing and streamlining service functions for offices, properties and factories. These services are provided under long term contracts to a wide range of blue chip companies and public institutions across the Nordic region.

Coor has a highly attractive financial profile that combines high growth with high levels of recurring revenues. In the year to December 2006, Coor delivered net sales of SEK3,972 million (€430 million). Both sales and profits are expected to continue to grow strongly in the future.

The Nordic region is one of the most attractive IFM markets in Europe with high growth dynamics as companies and public institutions shift to IFM outsourcing. Coor has developed a strong track record of outperforming this growing market over the last few years.

Cinven will continue to invest in the business so that it can capitalise in the significant opportunities for future growth. Coor is expected to not only benefit from the accelerating trend towards outsourcing by corporates in the region but is also uniquely positioned to capture growth from the increasing shift to integrated facilities management services.

Cinven has significant experience in the support services sector. Most recently, Cinven led the buyout of COMAX, then the 4th largest integrated facilities management company in the UK, from the British Government. Cinven also led the buyout of Gardner Merchant. Cinven is also an active investor in the Nordic region through its investments in Ahlsell, Phadia and AssiDoman Packaging (now part of Smurfit Kappa).

The transaction is subject to certain conditions including ECMR antitrust clearance.

Hugh Langmuir, partner at Cinven, said today:

“We are delighted to have acquired Coor, the Nordic leader in integrated facilities management. Coor has an excellent management team executing a business model that is proven to deliver outperformance in a market with excellent growth prospects. The oveall market outlook is highly attractive, especially for a company with Coor’s high quality operations. We look forward to working closely with Coor’s management in order to ceate value for all stakeholders in the business.”

In addition, Mats Jönsson, CEO and President of Coor Service Management commented:

“This is an exciting period in Coor’s development and I believe that Cinven’s significant sector experience and financial strength make them the ideal partner. We look forward to working closely as we implement our growth strategy.”

 

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