EQT and Goldman Sachs in DKK 7.3bn ISS final exit

The two GPs launched an accelerated bookbuilding of around 35.7 million ISS shares, equivalent to 19.3% of the company. ISS bought back 1 million shares in the offering.

EQT and Goldman Sachs last sold a share block in December 2014 – a busy month for sell-downs of PE-backed stocks in the Nordic market – making around DKK 4.2bn in the sale of a stake equivalent to 13.4% of the company.

ISS launched its IPO in March 2014, at DKK 160 per share. Shares closed on DKK 204.10 one year after the IPO, having risen 27.5% since listing.

EQT's stake in the company was owned via the GP's EQT III and EQT IV funds, through a joint vehicle with Goldman Sachs – FS Invest II.

Goldman Sachs, Nordea Markets and UBS were bookrunners on the offering.

Previous funding
The Danish facility services provider was valued at DKK 29.6bn in its IPO on the Copenhagen stock exchange in March 2014.

A share block worth around DKK 5bn was sold by EQT and Ontario Teachers' Pension Plan in September the same year. EQT and Goldman Sachs then sold a DKK 4.2bn stake three months later.

EQT and Goldman Sachs acquired ISS for €2.9bn in 2005. In August 2012, Teachers' and Kirkbi Invest acquired a 26% stake in ISS for DKK 3.7bn. EQT and Goldman Sachs remained majority owners after the deal.

Company
ISS is a facilities services provider, employing more than 500,000 people globally. It was founded in 1901 and is headquartered in Søborg.

The company released its Q4 results on the same day of EQT and Goldman Sachs' sell-down. It posted a DKK 1bn pre-tax profit, around DKK 400m short of analyst expectations.

ISS has a market cap just shy of DKK 40bn, and managed revenues of DKK 74.1bn in 2014, with a net income of around DKK 1bn.

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