Coor acquires company in Norway operating within property management services
Coor has, today, entered into an agreement on the acquisition of the Norwegian property management company, OBOS Eiendomsdrift AS, a subsidiary within the OBOS Group. OBOS Eiendomsdrift AS has 45 employees and annual net sales of approximately MSEK 70. Through this acquisition, Coor strengthens its offering within property management services and its position as a leading services supplier in the Oslo region.
OBOS is Norway’s largest construction company and residential properties manager. The subsidiary OBOS Eiendomsdrift provides property management services to OBOS’s property portfolio in and around Oslo. The acquisition of OBOS Eiendomsdrift compliments Coor’s operations in Norway and enhances Coor’s offering within advanced property management services.
In conjunction with the acquisition, Coor and OBOS are establishing a strategic cooperation agreement for the development of property and workplace services in Norway. For Coor, this acquisition also implies an increased volume of assignments for OBOS in the Oslo region.
The purchase price (on a cash and debt-free basis) amounts to MNOK 47 and is equivalent to an EV/EBITA multiple of approximately 6x in relation to the current EBITA and below 5x, when the expected synergies have been fully realised during 2019. The acquisition will be fully financed within Coor’s existing financing.
- Through the acquisition of OBOS Eiendomsdrift, we expand Coor’s Norwegian operations in line with our growth strategy for this segment, property management services, at the same time as realizing synergies, comments, Mikael Stöhr, President and CEO, Coor.
- OBOS Eiendomsdrift is a company which is well suited to Coor’s Norwegian portfolio and which strengthens the operations by contributing important cutting edge competence within an area of major potential. At the same time, the transaction taking place, Coor will enter into a cooperation agreement with OBOS which will open up a large number of exciting possibilities going forward, notes Nikolai Utheim, President of Coor, Norway.
Information, press images, etc. can be found on www.coor.com. For further information, please contact:
Mikael Stöhr, President and CEO, Coor
+46 10 559 59 35
Olof Stålnacke, CFO and IR Director, Coor
+46 10 559 59 20
Sofie Schough, Acting Communications Manager, Coor
+46 10 559 59 83