Thursday 29 March 2018
Manutencoop Facility Management S.p.A. strengthens its presence in the Turkish market, acquiring the majority stake of EOS
Following the transaction, the MFM Group now holds 51% of the Turkish company operating in the sector of linen rental and “industrial laundering” services and sterilisation of surgical instruments in support of healthcare activities
Manutencoop Facility Management S.p.A. announces that its subsidiary Manutencoop International FM has completed a transaction on the equity of the Turkish company EOS in order to obtain the majority stake thereof (the ’”Transaction”).
Specifically, following the Transaction, the MFM Group now holds 51% of EOS, while the remaining 49% is held by the Turkish group Ertunç Özcan.
EOS, based in Ankara, operates in the sector of linen rental and “industrial laundering” services and sterilisation of surgical instruments in support of healthcare activities in Turkey and can count on a valuable order backlog , including the Okmeydanı Training and Research Hospital in Istanbul, the Ataturk Training and Research Hospital in Ankara and the Integrated Health Care Campuses in Mersin and Isparta, public-private partnerships which belong to the investment programme for modernising the Turkish healthcare sector by building tens of new hospitals. EOS has more than 150 employees as a whole.
The acquisition will have a positive impact on the MFM Group’s consolidated revenues as from the date of acquisition. EOS recorded revenues of about Euro 3 million and EBITDA of Euro 0.5 million in the 2017 financial year.
The acquisition is consistent with MFM’s international development strategy based on direct tenders or M&A transactions, particularly in the Gulf countries and Europe, in addition to other areas which could present attractive opportunities for the Group’s future development.
The transaction is further significant as it follows the European tender that was recently awarded to the MFM Group in France, which had been launched by SNCF - Société Nationale des Chemins de fer Français, the French Railway Company, for the supply of soft facility management services on the railway lines in the Montrouge area. The contract is worth about Euro 20 million and has a term of five years, which may be renewed for further 15 months.
Giuliano Di Bernardo, Chairman and Chief Executive Officer of Manutencoop Facility Management S.p.A., has commented: “MFM is continuing with its global growth strategy and, after the valuable order recently acquired in the French market, thanks to this latest transaction it can view the Turkish market with even greater interest. EOS, in fact, can lay claim to outstanding specialist expertise in the sectors of linen rental and “industrial laundering” services and the sterilisation of linen and surgical instruments in support of healthcare activities in addition to a profound knowledge of the local market. Thanks to the reciprocally advantageous union with our Group, it may now be sure of an even more solid foundation in terms of revenue and financial position to grow and expand during the forthcoming years”.