STOCKHOLM, SWEDEN: Coor Service Management today signed an agreement relating to the acquisition of the assets in the business area Veolia Technical Management, part of Veolia Sverige AB, which is divesting its operations in Sweden and Norway. The business area has some 250 employees and annual sales of some SEK 500 M. The acquisition further strengthens Coor’s offering and competencies in technical property services and maintenance.
The purchase consideration totals SEK 180 M. The acquisition is financed within the framework of Coor’s existing financing in its entirety. The transaction takes the form of an asset transfer mainly consisting of four major customer contracts.
“The acquisition of the operations in the business area Veolia Technical Management is a close fit with Coor’s Nordic growth strategy and further strengthens Coor’s position as the Nordic market leader in IFM. Veolia Technical Management is a well-run business with a sharp focus on sustainability, high levels of technical expertise, often in critical production and infrastructure plants. We are really looking forward to welcoming 250 new employees to Coor,” commented AnnaCarin Grandin, CEO and President of Coor.
The acquisition of Veolia Technical Management will be completed following a customary review by the competition authority. The acquisition is conditional on existing customers agreeing to the take-over of the relevant customer contracts. The deal is expected to be finalized by the end of the third quarter 2021.
Coor’s customer base includes many large and small companies and public-sector organisations across the Nordic region, including ABB, AB Volvo, Aibel, DNV-GL, Ericsson, Equinor, ICA, NCC, the Danish Police, Public Prosecution Authority and Prison and Probation Service, PostNord, Saab, Sandvik, SAS, Telia Company, the Swedish Transport Administration, Vasakronan and Volvo Cars.
Coor was founded in 1998 and has been 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.