Coor today signed an agreement regarding the acquisition of Norwegian company R & K Service AS, which delivers cleaning and restaurant services. R & K Service has 130 employees with annual sales of some SEK 80 M. The acquisition strengthens Coor's offering in cleaning and restaurant services and increases Coor's geographical coverage in the Stavanger region.
The purchase consideration (on a cash and debt free basis) amounts to some SEK 65 M and corresponds to an EV/EBITA multiple of approximately 7x in relation to current EBITA, and approximately 5x when expected synergies have been realized in 2022. The acquisition is financed entirely within the framework of Coor's existing financing.
"The acquisition of R & K Service expands Coor's Norwegian operations in line with our growth strategy and further strengthens Coor's position as the Nordic market leader in IFM," commented AnnaCarin Grandin, CEO and President of Coor.
"R & K Service has demonstrated strength during the challenging conditions of the pandemic and is a close fit with Coor's Norwegian portfolio. This is a well-run family business that contributes to improving our geographical coverage in Norway further, which benefits both existing and new customers," commented Nikolai Utheim, CEO at Coor Norway.
Please find more information, images etc. at www.coor.com or contact:
Klas Elmberg, CFO and IR Director, Coor
+46 10 559 6580
AnnaCarin Grandin, President and CEO, Coor
+46 10 559 57 70
Nikolai Utheim, CEO at Coor in Norway
+47 976 97 167
As the leading provider of facility management services, Coor aims to create the happiest, healthiest and most prosperous workplace environments in the Nordic region. Coor offers specialist expertise in workplace services, property services and strategic advisory services. Coor creates value by executing, developing and streamlining our customers' service activities. This enables our customers to do what they do best.
Coor's customer base includes many large and small companies and public-sector organisations across the Nordic region, including ABB, AB Volvo, Aibel, DNV-GL, E.ON, Ericsson, Equinor, ICA, NCC, "Danish Police, Public Prosecution Authority and Prison and Probation Service", Saab, Sandvik, SAS, Telia Company, Swedish Transport Administration, Vasakronan and Volvo Cars.
Coor was founded in 1998 and is listed on Nasdaq Stockholm since 2015. Coor takes responsibility for the operations it conducts, in relation to its customers, employees and shareholders, as well as for its wider impact on society and the environment. Read more at www.coor.com