Coor acquires cleaning services company in Denmark
Coor has, today, signed an agreement for the acquisition of the Danish cleaning services company, Elite Miljø AS. Elite Miljø has annual net sales of approximately MSEK 700 and slightly more than 2000 employees throughout Denmark. This acquisition provides Coor with an increased geographic spread in Denmark, implying significant synergy effects and making a positive contribution to Coor’s competence within important cleaning segments. The acquisition of Elite Miljø is subject to the approval of the Danish Competition and Consumer Authority.
Elite Miljø is one of Denmark’s leading cleaning suppliers. The company has proven competence and experience in general cleaning as well as the cleaning segments hospitals and clean rooms, and this is an important compliment to Coor’s current cleaning operations in Denmark. Elite Miljø also has a position in Denmark as a supplier of high quality services with major operating locations in Århus, Ålborg, Odense, Sønderborg, Esbjerg, Nykøbing, Falster, Horsens and Copenhagen. Geographically, Elite Miljø compliments Coor’s existing operations in the country very well and the company’s profile of providing high quality services is entirely in line with Coor’s market position.
The purchase price (on a cash and debt-free basis) amounts to MDKK 220 and is equivalent to an EV/EBITA multiple of approximately 11x in relation to the current EBITA and below 7x, when the expected synergies have been fully realised during 2019. The acquisition will be fully financed within Coor’s existing financing.
- Coor has an established strategy for growth in Denmark and the acquisition of Elite Miljø is in line with this strategy. Through the acquisition, Coor undertakes a substantial expansion in Denmark while, at the same time, there are major synergy possibilities, states Mikael Stöhr, President and CEO, Coor.
- This transaction implies that Coor comprises a more full-service facilities management supplier, which contributes major value to Coor’s Danish customers. We look forward to welcoming many new, competent colleagues helping to make us a stronger and even more attractive alternative in the Danish market, notes Jørgen Utzon, President of Coor, Denmark.
Information, press images, etc. can be found on coor.com. For further information please contact:
Mikael Stöhr, President and CEO, Coor
+46 10 559 59 35
Olof Stålnacke, CFO and IR Director, Coor
+46 10 559 59 20
Sofie Schough, Acting Communications Director, Coor
+46 10 559 59 83
This is information that Coor Service Management Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 am CET on 10 January 2018.
Coor is a leading provider of facility management services in the Nordics, focusing on integrated and complex service undertakings (IFM). Coor offers specialist expertise in workplace services (soft FM), property services (hard FM) and strategic advisory services for development of customers’ service activities. Coor creates value by executing, leading, developing and streamlining its customers’ service activities, ensuring that they provide optimal support to the core business over time. Coor’s customer base includes many large and small companies and public-sector organisations across the Nordic region, including AB Volvo, ABB, Aibel, Det Norske Veritas, E.ON, Ericsson, EY, NCC, Politiet (Danish Police), Saab, Sandvik, SAS, Skanska, Statoil, Telia Company, Swedish Transport Administration, Vasakronan and Volvo Cars.
Coor was founded in 1998 and is listed on Nasdaq Stockholm since 2015. At September, 30, 2017, the company had 6,500 employees based mainly in Sweden, Denmark, Norway and Finland, and annual sales of SEK 7,600 million. Coor takes responsibility for the operations it conducts, in relation to its customers, employees and shareholders, as well as for its wider impact on society and the environment. Read more at coor.com