EQT sells Coromatic to E.ON
- EQT sells Coromatic, a leading Nordic critical facility services and provider, to E.ON, a European leader within energy networks and state-of-the-art customer solutions
- During EQT’s ownership, Coromatic has transformed into a leading Nordic provider of critical facility services and solutions, securing operations against disruptions 24/7, ultimately improving people’s lives and protecting the environment through optimized energy consumption
- Coromatic has more than doubled revenues and the number employees, and nearly quadrupled EBITDA as a result of strong organic growth and a number of strategic add-on acquisitions
EQT Expansion Capital II (“EQT”) has entered into a definitive agreement to sell Coromatic Group (“Coromatic” or the “Company”) to E.ON. Coromatic secures access to power and data communication by providing services and solutions to critical facilities, such as data centers, airports, hospitals, transportation and connected workplaces.
During EQT’s ownership, Coromatic has transformed from a Swedish-focused data center solutions provider into a service-led Nordic leader. Through the most extensive pan-Nordic critical facilities service network of more than 200 highly qualified technicians, Coromatic secures operations 24/7, contributing to sustainable cities and communities.
An increase in frequency of disruption events, such as power outages or disruptions in digital infrastructure, coupled with a rising cost of downtime, has led to a surge in demand for Coromatic’s unique competencies. The Company’s development has relied on strong organic growth and an ambitious consolidation strategy, having executed eight add-on acquisitions across the Nordics. Today, Coromatic supports over 5,000 customers, including 60% of the Nordic top 100 companies, out of 17 locations.
Erik Bertman, CEO of Coromatic, said: “Together with EQT, Coromatic has transformed into a Nordic leader, through geographical expansion as well as building competencies and widening the offering. Most importantly, this has allowed us to serve our customers better and faster. We now look forward to continue our ambitious growth journey together with E.ON, pursuing a bold ambition of becoming the frontrunner of the decentralized energy market in Europe. We see this as an ideal fit with a common purpose of securing operations 24/7 through energy efficient solutions and thereby improving people’s lives.”
“Acquiring Coromatic is an important step towards our strategic ambition of becoming a leading energy solutions company. As artificial intelligence, smart homes and buildings become increasingly prevalent, the need for 24/7 uninterrupted power supply will continue to grow. I see a great potential for both E.ON and Coromatic to jointly capitalize on this trend”, says Marc Hoffmann, CEO E.ON Sverige.
Victor Englesson, Partner at EQT Partners and Investment Advisor to EQT Expansion Capital II, added: “EQT is impressed with Coromatic’s growth journey, but more importantly, its contribution to society in securing critical infrastructure. This aligns perfectly with EQT’s investment approach and focus on sustainability and positive social impact. We are convinced that E.ON will be a great owner of Coromatic and together they will become a trusted partner to businesses looking to ensure their operations 24/7.”
The transaction is subject to approval from the relevant authorities and is expected to close in late Q2 or Q3 2019.
Nordea acted as financial advisor and Roschier as legal advisor to EQT.
Victor Englesson, Partner at EQT Partners and Investment Advisor to EQT Expansion Capital II
EQT Press Office, email@example.com, +46 8 506 55 334
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More info: www.eqtpartners.com
E.ON Sverige is part of the international E.ON-group, one of the world’s largest investor owned energy companies. E.ON has about 2 200 coworkers in Sweden.
More info: www.eon.com/en