Fourteenth acquisition in 2022: Mutares signs agreement to acquire Palmia Oy from the City of Helsinki
- Further strengthening its presence in Finland after recent successful sale of Nordec Group Oyj
- New platform investment strengthening the Goods & Services segment
- Generated revenue of EUR 104 million in 2021
- Provider of soft and hard facility services, e.g. within foods/restaurants, cleaning, real estate and security
Munich, 14 December 2022 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) has signed an agreement to acquire Palmia Oy from the City of Helsinki. The company will strengthen the Goods & Services segment as a new Finnish platform investment. The transaction is expected to close in Q1 2023 and is subject to approval by the Finnish Competition and Consumer Authority.
Palmia Oy offers food, real estate, cleaning, and security services in 12 different municipalities throughout southern Finland. The company was incorporated in 2015 by the City of Helsinki and generated revenue of EUR 104 million in 2021 with ca. 2,100 employees. The company is expected to generate revenue of approx. EUR 120 million in 2022 and currently employs ca. 2,400 employees.
Johannes Laumann, CIO of Mutares SE & Co. KGaA, comments: „With this transaction Mutares further builds on its successful presence in Finland. We are very happy to welcome Palmia Oy to our portfolio and will do our utmost with our team and Management to repeat at Palmia Oy the success we had with Nordec Group Oyj. Here we managed to exceed Mutares’ official ROIC target of 7-10x. Our successful track record makes it clear that such successes are reproducible. We are working on this with Palmia Oy as well from now on.”