Coor Service Management acquires Vasakronan Service Partner

Coor Service Management (Coor) is acquiring Vasakronan Service Partner. The deal strengthens Coor's service concept for office tenants and provides access to an interesting client base.

Vasakronan Service Partner offers workplace services such as conferences, restaurant, reception, telephony and post/goods management, primarily for Vasakronan's tenants. The company has operations in Stockholm, Göteborg and Malmö, and annual turnover in 2008 amounted to approximately SEK 150 million. The company has approximately 150 employees.

"Vasakronan Service Partner is a well-managed service company with a high level of expertise, an interesting client base and an excellent reputation. Our aim is to further develop the company by adding more breadth to the service offering and by expanding the operation geographically. We are also delighted to begin a collaboration with Vasakronan, where we will develop and expand the service to their tenants together," says Staffan Ebenfelt, President of Coor Service Management in Sweden.

The acquisition will be completed on 1 September 2009.

"With Coor as its owner Vasakronan Service Partner has greater opportunities to continue its positive development. The deal is good both for us and for Vasakronan Service Partner – we gain a professional business partner which will support our endeavour to offer our tenants world-class service, while at the same time Vasakronan Service Partner's employees and clients will have an owner and service provider whose core business is service," says Christer Nerlich, CFO of Vasakronan.

For further information, please contact:

Staffan Ebenfelt, President, Coor Service Management Sweden, phone +46 (0)8-553 959 95

Åsvor Brynnel, Head of Corporate Communications, Coor Service Management, phone: +46 (0)8-553 954 04