Valedo acquires Corbel from Sentica

The value of the deal has not been disclosed. Valedo entered into discussions with the company in January this year and an auction process was held, led by Carnegie Investment Bank. Corbel's existing management team will continue to run the business and remain as significant shareholders. This is the last investment from Valedo Partners Fund I AB, which raised SEK 1bn at final close in September 2007. The transaction also sees Valedo announce the final close of Valedo Partners Fund II.

Valedo was attracted to the deal because of the company's strong historic growth and prospects for the future. The investor is looking to support Corbel in accelerating its expansion, providing existing customers with new services and increasing the customer base.

Corbel's management has invested alongside Valedo in this transaction.

Debt
Leverage details have not been disclosed.

Previous funding
Sentica acquired a majority stake in Corbel in July 2008 when it acquired YIT Oyj's property related management business. Equity for the transaction was provided by the Sentica Kasvurahasto II fund, while debt also supported the acquisition. Since the investment, Corbel has grown and strengthened its overall market position.

Sentica supported the company in establishing its corporate structure and support functions. Organic growth has been the main focus of Corbel's growth strategy. A return on investment has not been disclosed, however Sentica is said to be pleased with the outcome of the investment.

Company
Corbel is based in Vantaa and is a provider of professional business-to-business real estate management services to institutional and commercial real estate owners in Finland. The company employs 120 people in 11 locations across Finland and generated revenue of €11m in 2010. The company was established in 2008.

People
Nils and Per Forsberg worked on the deal for Valedo. Johan Wentzel and Olli Väätäinen managed the deal for Sentica.

Advisers
Equity – Grant Thornton (Financial due diligence and tax); Hannes Snellman (Legal); Arthur D Little (Commercial due diligence).
Vendor – Carnegie Investment Bank (Corporate finance); Roschier (Legal).

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