Acquisitions and divestments
We have an active acquisition track record, with a few major acquisitions in the FM segment since 2007.
During the past years, we focused our acquisition targets on independent IFM operators, but recently we have expanded target focus to include single services and self-delivery companies, which has broadened our universe of potential targets.
The Acquisition of Elite Miljø A/S
On 10 January 2018, Coor announced that it had signed an agreement to acquire the Danish cleaning services firm Elite Miljø A/S. Elite Miljø has around SEK 700 million in annual sales and about 2,000 employees. The acquisition will increase Coor's geographic coverage, create significant potential synergies and add to Coor's skills base in key cleaning segments. The acquisition was completed on 23 February 2018.
The Acquisition of OBOS Eiendomsdrift AS
On 9 January 2018, Coor announced that the company had concluded an agreement to acquire the Norwegian property services provider OBOS Eiendomsdrift AS. The company has 45 employees and around SEK 70 million in annual sales. In connection with the acquisition, Coor signed a strategic partnership agreement with the seller, the OBOS group. The acquisition was completed on 1 February 2018.
The Acquisition of West Facility Management
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 was completed on 2 July 2018.
The Acquisition of Addici
In 2012, we acquired Addici for a consideration of SEK335 million, which is one of the largest acquisitions in our history. Addici was a Nordic FM provider with over 1,300 employees with competencies in security, cleaning, telephony, documentation services, other soft FM as well as hard FM. As a result the acquisition of Addici added significant volumes and capabilities in our bundled FM offering.
The divestment of the industrial services business
When Coor was listed on Nasdaq Stockholm in June, 2015, we sold our industrial services business to the former principal shareholder Cinven. The reason for this was that the industrial services business differs a lot from the FM-business. However, Coor will provide a number of intra-group services such as IT services, HR services and services relating to accounting, treasury and administration during a period of up to 18 months after the sale.
We will also remain as guarantor in relation to certain customers to the Industrial Services business, and undertake to not carry out or be engaged in services conducted by the Industrial Services division, for a period of up to 36 months. In the beginning of 2016, the operations changed name to "Jernbro".