STOCKHOLM, Nov. 8, 2021 /PRNewswire/ -- Coor today signed an agreement relating to the acquisition of Inspira, a well-run family business that delivers workplace services, mainly focused on cleaning, for a large number of customers in central Sweden. The acquisition increases Coor's geographical coverage in central Sweden and generates significant synergies.
Inspira has 1,400 employees and annual sales of some SEK 700 M. The purchase consideration (on a cash and debt free basis) amounts to SEK 380 M and corresponds to an EV/EBITA multiple of approximately 8x in relation to current EBITA, and close to 6x when expected synergies are realized in 2023. The acquisition is financed entirely within the framework of Coor's existing financing.
"The acquisition of Inspira increases our geographical coverage and the company is a close fit with Coor's growth strategy. It is a well-run company with high customer loyalty and a long history of quality and profitability. We really look forward to welcoming new competent employees to Coor," commented AnnaCarin Grandin, President and CEO of Coor.
"I am delighted that Coor is Inspira's new owner, and am convinced that Coor will continue to develop the business with a retained focus on staff and customers," commented Joakim Markovits, CEO and main owner of Inspira.
The acquisition of Inspira will be completed following the customary review by the Swedish Competition Authority. The transaction is expected to be completed in the fourth quarter 2021.
Please find more information, images etc. at www.coor.com or contact:
AnnaCarin Grandin, President and CEO, Coor
+46 10 559 57 70
Klas Elmberg, CFO and IR Director, Coor
+46 10 559 65 80
Communications Director, Coor
+46 10 559 5519
This is information that Coor Service Management Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 8 November 2021.
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, Ericsson, Equinor, ICA, NCC, the Danish Police, Public Prosecution Authority and Prison and Probation Service, PostNord, Saab, Sandvik, SAS, Telia Company, the Swedish Transport Administration, Vasakronan and Volvo Cars.
Coor was founded in 1998 and has been 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
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
Coor press release
Joakim Markovits and Magnus Wikström