ISS has agreed to sell its Danish sewage and industry services business to the Norwegian sewage company Norva24, which is owned by Swedish private equity group Valedo Partners, for an undisclosed sum.
The divested sewage and industry services business has 164 employees and an annual revenue of approximately DKK 208 million. It operates 115 service vehicles from six regional centres across Denmark, and the business has been part of ISS Group since 1999.
As part of the transaction, the parties have agreed that the company under the new ownership of Norva24 will become the preferred partner delivering sewage services to ISS in Denmark and Norway and its customers in these markets. Norva24 is buying the company as a standalone business.
Henrik Langebæk, ISS CFO of Global Operations said: “ISS’ Danish sewage and industry services business has been operating on a standalone basis for several years. The services are not core to ISS and there is not a natural integration with most of our other services. The divestment reflects an increased strategic focus on our integrated facility service business platform delivering services to key account customers.”
“We are confident that the new owners will be in a better position to realise the full potential of the Danish sewage and industry services business, as this business is core to their strategy, and they already operate a similar business in Norway. The leadership team and all employees of the company transfer to Norva24 in connection with the sale.”
The buyer and seller have agreed to keep the purchase price confidential. The transaction is subject to customary conditions.