Portfolio
Coor Service Management
| Sector | Business services |
|---|---|
| Investment type | Buyouts |
| Region | Sweden |
| Status | Former investment |
Nature of Business
Coor Service Management Group AB (Coor) is a provider of total facilities management in the Nordic region. Established in 1998 by the global construction group Skanska, Coor specialises in managing, developing and increasing the efficiency of service functions in offices, production facilities and public sector premises.
Coor offers a wide variety of services, from running staff canteens and instrument calibration, to leasing administration, technical safety solutions and the optimisation of premises. At the time of 3i’s exit in 2007, Coor employed over 3,700 staff.
Investment Overview
3i backed the MBO of Coor in late 2004 with a strategic plan to develop existing services in key regions and focus on geographic expansion.
With support from our Nordic team, we helped Coor to successfully enter the Norwegian market, whilst at the same time broadening its ‘Nordic’ presence in both Finland and Denmark. Through strong organic growth the business was able to significantly increase its client base and strengthen the contract portfolio, adding production support to the range of services offered
In addition to the strong organic growth within the Nordic region, Coor made a number of acquisitions, most notably the €150m revenue Celero business from Volvo, which, in addition to the successful renegotiation of key contracts, drove significant earnings growth.
During our three year holding period sales and earnings doubled and staff numbers grew from 1800 to 3,700. We sold our majority stake in Coor to private equity firm Cinven in November 2007, in a deal worth around €540m.
