News releases

MB Funds (MB Rahastot) to sell their share in Engel Group to ISS Suomi Oy

MB Funds are to sell their share in the Engel Group. As its main shareholder, MB Funds has actively developed Engel’s business for the last six years. During that time Engel has become one of the leading companies in the property services sector. Engel now sets out on the next phase of its development with a new owner, ISS Suomi Oy. The debt and cash free price for 100 per cent of Engel is EUR 192 million. The transaction is subject to approval by the Finnish antitrust authorities.

As Juhani Suomela, Managing Partner of MB Funds, comments: “Engel has succeeded in its goal to become a market leader in its field. The company’s turnover has more than doubled in six years thanks to organic growth and the acquisition of almost 20 companies. At the same time its profits have increased many times over and the number of staff employed has grown from just under 4,000 to more than 6,600. So we can be proud of Engel’s progress. I believe that the new arrangement will have better potential for developing the whole industry and offering customers new service packages cost-effectively with high-quality delivery.”

As part of the Finnish government’s privatisation drive a new company was set up in 1998. The state sold its whole share in the Engel Group to the new company and MB Funds became its main shareholder at the time with a 45.9% stake. The rest of the shares were split between the Finnish government (42.9%) and Engel personnel (11.2%).

Alfred Berg acted as seller’s financial advisor and Roschier Holmberg as legal advisor.

For further information, please contact:

Juhani Suomela, Managing Partner

MB Funds

GSM +358-(0)400-308190

Tel. +358-(0)-13101302