05. December 2016

Kvika arranger of the acquisition of ISS Ísland

A group of investors and the management of ISS Ísland ehf. have signed a purchase agreement with ISS World Services A/S for the purchase of all shares in ISS Ísland ehf. Kvika banki acted as arranger of the acquisition on behalf of the sellers, and BBA Legal acted as legal counsel.

The agreement is subject to conventional provisos, but both purchasers and sellers are optimistic that the transfer of ownership will be effected in full before the year-end. The purchase price is confidential.

The investor group comprises of investors with significant experience in operation and management of services companies worldwide and current executives at ISS Ísland. Among the investors is Patrick de Muynck, former manager of the French contract catering firm Elior Group, and Swedish fund management company EQT, which previously owned ISS and SSP Group for a number of years. Elior, SSP, and ISS are among the largest firms in the world in real estate and catering services. Other investors include Peter Nilsson, former CEO of Duni and Sanitech, Einar Sveinsson and Benedikt Sveinsson.

ISS World Services A/S is a global leader in real estate management, with operations in 53 countries. ISS began operations in Iceland in 2000, when it purchased the janitorial department of Securitas. In the past 16 years, the company has grown rapidly and vastly expanded its service offerings. Its offerings centre on janitorial services, food service, other real estate management, and coordinated service solutions. The company will continue to operate under the ISS brand for the next two years, on the basis of a cooperation agreement with ISS World Services A/S.