Cinven Said to Mull $760 Million Sale of Coor ServiceKiel Porter
Cinven Partners LLP has held recent talks with advisers about selling Swedish integrated facilities management company Coor Service Management Group AB, people with knowledge of the matter said.
The private-equity firm, based in London, has discussed options including a sale or initial public offering of the company during the first quarter of next year, said two of the people, who asked not to be identified because the talks are private. A sale could value Coor at about 600 million euros ($763 million), the people said. Cinven has not made a final decision and may decide against a sale, they said.
Coor, based in Stockholm, has been controlled by Cinven since December 2007, when it was bought for 536 million euros from 3i Group Plc. It offers a range of workplace services, such as cleaning, property maintenance and installation of machinery.
The company has about 7,000 employees in Sweden, Denmark, Norway, Finland and Belgium, and annual net sales of about 8 billion Swedish Kroner ($1.1 billion), according to its website.
A spokeswoman for Cinven declined to comment. A representative for Coor did not respond to requests seeking comment.