ISS, a world-leading facility service provider, has entered into an agreement transferring the ‘House of Coffee’ business in Norway and Denmark to Sara Lee Corporation and Kaffehuset Friele.
ISS originally entered the coffee business in Norway in 1975 – and has particularly during the last decade built a strong position in both Norway and Denmark. ‘House of Coffee’ is a provider of beverage solutions to offices and institutions in Denmark and Norway.
“We are divesting ‘House of Coffee’ as part of The ISS Way Strategy, where we are increasing focus on our core activities. Earlier this year we initiated a strategic review of our ownership of ‘House of Coffee’. In this review, we have concluded that ‘House of Coffee’ may be in a better position to realise its full potential under a new owner. In addition, the divestment will allow the ISS management in Norway and Denmark to further strengthen their focus on our core service offerings”, said Regional CEO ISS Nordic & Eastern Europe, Troels Bjerg.
In connection with the sale ISS, Kaffehuset Friele and Sara Lee Corporation have entered into a strategic partnership agreement in order to continue providing coffee vending services to ISS’ customers in the Norwegian and Danish markets. ‘House of Coffee’ has approximately 90 employees in the two Nordic countries.
The parties have agreed not to disclose the terms and conditions of the transaction. Closing is subject to the satisfaction of certain conditions precedent normal in a transaction of this nature, including regulatory approval. Formal closing of the transaction is expected before the end of 2011.
Carnegie Bank A/S has been financial advisor and Kromann Reumert has been legal advisor to ISS in connection with the transaction.
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