Coor acquires service company in Norway
Coor has signed an agreement regarding the acquisition of Norwegian facility management operator West Facility Management. West has annual sales of some MSEK 140 and more than 300 employees, mainly based in Bergen and Oslo. The acquisition makes a positive contribution to Coor’s expansion and competences, largely in key cleaning segments. The acquisition of West Facility Management is conditional on approval by the Norwegian Competition Authority.
West Facility Management is a Norwegian family-owned company founded in 1980. The company provides cleaning, restaurant and other FM services to the private sector. The head office is located in Bergen, where operations are largely based. Cleaning provides just over 80% of West’s sales.
The acquisition complements Coor’s existing operations in Norway, both geographically and in terms of services. West’s customers are mainly found in the retail and property segments, which offers a good fit with Coor’s existing offering. West Facility Management delivers high-quality services with a customer focus, in line with Coor’s market position.
The purchase consideration (on a cash and debt free basis) amounts to MNOK 95 and corresponds to EV/EBITA of just under 9x in relation to current EBITA, and below 6x after anticipated synergies are fully realized in 2019. The acquisition is financed by external bridge finance, which will be repaid in the fourth quarter.
“Coor has an expressed growth strategy in the Nordics, and the acquisition of West is in line with this strategy. The acquisition means that Coor in Norway will expand substantially, while simultaneously generating significant synergies,” commented Mikael Stöhr, President and CEO of Coor.
“Coor will become an even more complete service provider, and we look forward to welcoming many new competent employees that will strengthen and sharpen our offering on the Norwegian market,” commented Nikolai Utheim, President of Coor in Norway.
For more information, images etc. please visit www.coor.com or contact:
Mikael Stöhr, President and CEO, Coor
+46 10 559 59 35
Magdalena Öhrn, Communications Director, Coor
+46 10 559 55 19
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 ABB, AB Volvo, Aibel, Det Norske Veritas, E.ON, Ericsson, EY, NCC, Politiet (Danish Police), Saab, Sandvik, SAS, Statoil, Telia Company, Swedish Transport Administration, Vasakronan and Volvo Cars.
Coor was founded in 1998 and is listed on Nasdaq Stockholm since 2015. 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 www.coor.com