Integrated service management
Transaction value
€536 million
Dec 2007
May 2016
Business Services

Coor Service Management Group AB, based in Stockholm, is the leading integrated facilities management (IFM) provider in the Nordic region. With operations in Sweden, Norway, Denmark and Finland, Coor’s customers are blue chip companies and public institutions. Coor’s service offering includes:

  • workplace services, such as cleaning, telephony and conference support (‘soft’ facilities management);
  • property services, including internal and external maintenance of premises (‘hard’ facilities management); and
  • production-related industrial services, such as maintenance and installation of machinery.

Coor can offer substantial efficiency gains and cost reductions by integrating and managing services within one contract. This has proved attractive to the growing number of Nordic private and public sector organisations that are looking to outsource their non-core functions. The company employs approximately 7,000 employees and in 2012 Coor generated revenues of SEK 7.2 billion.

Cinven's strategy for Coor is to support the company's growth both organically and through acquisitions. Coor's growth will come from additional project volumes within existing contracts, new outsourcing contracts and the acquisition of smaller competitors. The opportunity for growth is particularly strong in Norway, Denmark and Finland where the markets are somewhat less mature.

During Cinven's ownership, Coor continued to increase its revenues, both organically as well as through acquisition. In addition, Cinven helped management to realise operational efficiencies and improve cash flow generation as well as oversee a CEO change and a broad strengthening of the management team. Over the last few years the company has won numerous new contracts with blue chip customers across the region, significantly increasing the footprint outside of Sweden. Of particular note is the landmark contract signed with Statoil in 2014 giving Coor a very significant presence in Norway. This assignment was the largest-ever outsourcing deal on the Norwegian FM market. The scope of work was expanded in 2015 to include five offshore oil platforms. Coor has also completed a number of add-on acquisitions, including Addici which provided further competence and customer base in the small-to-medium client segment and Lujapalvelut which doubled Coor's presence in Finland.

Following the successful IPO on the Nasdaq Stockholm exchange in June 2015, Cinven fully realised its investment in Coor with the sale of its 12.6% shares in the listed company on 27 May 2016. Cinven sold down its remaining shares in Coor post-IPO in two tranches; it previously sold a 21.9% stake on 26 February 2016.

Prior to the IPO, Cinven de-merged Coor's Industrial Services business, Jernbro and still owns 100% of that business.

Press releases

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