Sponsor Capital et al. sell Lujapalvelut

Viktor Lundvall
18 August 2011

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Sponsor Capital, Varma and other shareholders have sold Finnish facility management company Lujapalvelut Oy to Coor Service Management.

The value of the deal has not been disclosed. Key drivers behind the exit were said to have been the standard five-year holding period nearing an end, as well as increased interest from trade buyers. A limited auction process was held, arranged by SEB Enskilda, where a small number of trade buyers participated.

Coor was the chosen acquirer because Sponsor believes that Lujapalvelut will be able to continue to develop under Coor ownership and that the companies complement each other.

Previous funding
Sponsor acquired a stake in Lujapalvelut in December 2006 for an undisclosed sum. The deal was said to be financed only with equity from Sponsor Fund II, which had a €107m final close in February 2002.

Since the investment, Sponsor and other shareholders have provided support to grow the company from being relatively new to one that competes with well-established competitors in the market. A return on investment has not been disclosed.

Company
Lujapalvelut is based in Espoo and is a provider of facility management services such as building maintenance, cleaning services and office services. The company operates in Helsinki, Oulu, Vaasa, Turku, Tampere and Kuopio with customers inlcuding Finnish Railway, Senate Properties and Yleisradio.

The company currently generates sales of approximately €27m and employs 500 staff.

People
Juuso Kivinen and Juhani Kalliovaara worked on the deal for Sponsor.

Advisers
Vendor – SEB Enskilda, Jukka Koivusaari, Antti Niemi, Carl Bruun (Corporate finance); Krogerus, Mika Ståhlberg (Legal).