Leading venture 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).

Coor Service 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.

Cinven''s 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.