capital and private equity firm 3i has agreed to sell
its stake in Nordic service management company Coor Service
Management Group to European private equity firm Cinven
in a deal worth around €540m ($783 million). It had
bought the company in December 2004 for approximately
€129 million ($187 million).
Management is a management consultancy that specialises
in increasing the efficiency of service functions in offices,
properties, production facilities and the public sector.
Its services include instrument calibration, leasing administration
and technical safety solutions.
The 3i European
Buyout Business leads mid-market buy-outs of up to €1
billion ($1.45 billion). The business invests across sectors
but with a particular focus on media, healthcare and business
support services. The company recently closed a €5
billion ($7.25 billion) fund, the largest fund in Europe
dedicated to mid-market buy-outs.
previous deals in the support services sector include
the buyout of COMAX - a UK integrated facilities management
company - from the UK government. Cinven also led the
buy-outs of the Compass Group and Gardner Merchant.