Coor Service Management Group AB, based in Stockholm, is the leading integrated facilities management (IFM) provider in the Nordic region. With operations in Sweden, Norway, Denmark and Finland, Coor’s customers are blue chip companies and public institutions. Coor’s service offering includes:
- workplace services, such as cleaning, telephony and conference support (‘soft’ facilities management);
- property services, including internal and external maintenance of premises (‘hard’ facilities management); and
- production-related industrial services, such as maintenance and installation of machinery.
Coor can offer substantial efficiency gains and cost reductions by integrating and managing services within one contract. This has proved attractive to the growing number of Nordic private and public sector organisations that are looking to outsource their non-core functions. The company employs approximately 7,000 employees and in 2012 Coor generated revenues of SEK 7.2 billion.
Cinven's strategy for Coor is to support the company's growth both organically and through acquisitions. Coor's growth will come from additional project volumes within existing contracts, new outsourcing contracts and the acquisition of smaller competitors. The opportunity for growth is particularly strong in Norway, Denmark and Finland where the markets are somewhat less mature.
During Cinven’s ownership, Coor has continued to increase its revenues, both organically as well as through acquisition. In addition, Cinven has helped management to realise operational efficiencies and improve cash flow generation as well as oversee a CEO change and a broad strengthening of the management team. Over the last few years the company has won numerous new contracts with blue chip customers across the region, significantly increasing the footprint outside of Sweden. Of particular note is the landmark contract signed with Statoil in 2014 giving Coor a very significant presence in Norway. This assignment was the largest-ever outsourcing deal on the Norwegian FM market. The scope of work was expanded in 2015 to include five offshore oil platforms. Coor has also completed a number of add-on acquisitions, most recently Addici which provided further competence and customer base in the small-to-medium client segment.
In June 2015, Coor completed its successful IPO on the Nasdaq Stockholm. Cinven sold c. 60% of its interest in Coor but still retains a c. 36% shareholding in the business post IPO.
Prior to the IPO, Cinven de-merged Coor’s Industrial Services business and still owns 100% of that business.
- 16 June 2015:
Coor Service Management prices its IPO at SEK 38 per share – trading commences on Nasdaq Stockholm today
- 2 June 2015:
Coor secures a major new IFM deal in the oil & gas industry
- 7 May 2015:
Extended Nordic IFM deal for Coor
- 22 April 2015:
The smart office for agile employees and work- places – The launch of a brand new website
- 13 March 2015:
Coor Service Management expands into the offshore industry
- 24 November 2014:
Digital transformation in the FM and industrial services sectors
- 10 March 2014:
Coor expands in Norway
- 7 March 2014:
Coor extends and expands agreement with Länsförsäkringar AB
- 22 January 2014:
Coor Service Management signs agreement with Stora Enso, Ala sawmill in Ljusne, Sweden
- 21 January 2014:
Coor in Pan-Nordic FM deal with TeliaSonera
- 14 January 2014:
Coor Service Management in agreement with Statoil