EQT's ISS receives €500m investment

EQT's funds have not sold any shares as part of the transaction and remain majority owners.

Teachers' will invest DKK 2.605bn and KIRKBI will provide DKK 1.116bn in return for a combined 26% stake in ISS's holding company.

The funds will be used to reduce ISS's debt. EQT recently failed in attempts to list ISS and a sale to security firm G4S fell through following a shareholder rebellion.

ISS says it is on track to deleverage in preparation for an IPO "within a few years". Proceeds from the investment will be used to repay the 11% senior notes due in 2014 after the December 2012 call date.

Company
ISS is a provider of integrated service solutions based on four areas of related services: cleaning, catering, office support and property services. It is headquartered in Copenhagen, Denmark, and reported group revenues of DKK 39.1bn and operating profit of DKK 1.9bn for the first six months of 2012.

People
Jeff Gravenhorst is group CEO of ISS. Jo Taylor worked on the deal for Teachers' while Søren Thorup Sørensen represented KIRKBI.

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• Topics
• Nordics
• Expansion
• Support services
• Denmark
• EQT