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Coor acquires Swedish cleaning company Norrlands Miljövård
Nordic facilities management services provider Coor, has signed an agreement relating to the acquisition of award-winning Swedish cleaning company Norrlands Miljövård, which has annual sales of some SEK 250 M and 500 employees. The acquisition increases Coor's geographical spread in Sweden and contributes to Coor's cleaning competences.
Norrlands Miljövård is a market leader in cleaning services in northern Sweden, with some 15 operational centres from Gävle in the south to Kiruna in the north. Since its launch in 1973, it has been run as a family business focusing on small to medium sized customers. Its focus on quality and its local presence has created strong customer loyalty. Norrlands Miljövård was awarded Cleaning Company of the Year in Sweden in 2018.
Norrlands Miljövård complements and strengthens Coors' existing operations both in terms of geographical spread and competences. The company's profile focusing on high-quality service and sustainable solutions is a close fit with Coor's market position.
The purchase consideration (on a cash and debt free basis) amounts to SEK 185 M and corresponds to an EV/EBITA multiple of just under 8x in relation to current EBITA, and close to 6 times after expected synergies have been realised in 2020. The acquisition is fully financed within the framework of Coor's existing financing.
"The acquisition of Norrlands Miljövård is a close fit with Coor's Nordic growth strategy," says Mikael Stöhr, President and CEO of Coor. "It's a well-run family business with high customer loyalty and a long history of quality and profitability. The acquisition strengthens Coor as a service provider with a strong geographical position throughout Sweden.
AnnaCarin Grandin, CEO of Coor Sweden, adds: "The acquisition of Norrlands Miljövård increases our competences and expertise in cleaning services and I look forward to welcoming many new highly skilled members of staff to Coor. Together, we'll become a strong operator with a focus on sustainability in our service delivery."
The acquisition will be completed following the usual Competition Authority validation process.
Coor's current customer base includes many large and small companies and public sector organisations across the Nordic region, including ABB, Aibel, Det Norske Veritas, E.oN, Ericsson, Equinor, EY, NCC, Politiet (Danish Police), Saab, Sandvik, SAS, Telia, Swedish Transport Administration, Vasakronan, Volvo Cars and Volvo Group.
Coor was founded in 1998 and is listed on Nasdaq Stockholm since 2015.
3rd October 2019