Fredericks Michael & Co. acted as the exclusive financial advisor to Manutencoop Facility Management S.p.A. on the divestiture of its elevator maintenance and repair subsidiary Manutenzione Installazione Ascensori S.p.A. to KONE S.p.A., the Italian subsidiary of global elevator and escalator leader KONE Oyj.
Through this transaction, Manutencoop has succeeded in selling a non-strategic asset, while achieving a positive financial return on Manutencoop’s initial investment, thus creating value for the Manutencoop group. In addition, Manutencoop has received full reimbursement of MIA’s inter-company debt to Manutencoop.
"This acquisition strengthens KONE's presence in the fragmented Italian elevator market and brings new opportunities in the challenging business environment of Southern Europe. We are very pleased for MIA and its highly qualified employees to join us as part of KONE," says Pierre Liautaud, KONE Executive Vice President and Area Director for West and South Europe and Africa.
FM&Co. advised Manutencoop on a multi-step engagement process which included preparation of selling materials, contacting potential buyers, coordinating due diligence process, transaction structuring, and assistance in the negotiations through closing of the transaction.
Manutencoop Facility Management (Bologna, Italy) is the leading Italian integrated facility management operator, serving both public and private organizations across Italy. Through a network of subsidiaries, Manutencoop is active in several industries including healthcare, telecom, construction, security, and banking. Manutencoop generates yearly revenues in excess of EUR 1 billion.
Manutenzione Installazione Ascensori S.p.A. (Modena, Italy) operates in the elevator industry, offering elevator and escalator maintenance, modernization, and repair services. MIA covers the majority of the Italian market, with a network of 12 branches and subsidiaries. MIA was founded by Manutencoop in 2008, has over 16,000 maintenance contracts, and approximately 160 employees. For more information, please visit www.miaspa.it
KONE Oyj (Helsinki, Finland) is a global leader in the elevator and escalator industry, generating revenues in excess of EUR 7 billion. KONE has more than 1,000 offices in approximately 50 countries across the globe, employing over 43,000 people. KONE class B shares are listed on the NASDAQ OMX Helsinki Ltd.