ABB Full Service acquired by Nordic Capital
Nordic Capital to acquire ABB Full Service®, creating a strong independent company with a leading market position in industrial maintenance.
Nordic Capital has signed an agreement to acquire ABB Full Service from the ABB Group, supporting the creation of a strong independent company within the industrial maintenance sector. Full Service is a market leader in this industry, maintaining and improving the production and equipment performance for entire facilities. Full Service employs over 2,500 direct service professionals in 30 countries, managing a yearly customer maintenance spend in excess of USD 500 mn. The transaction is expected to close in Q4 2014.
For over 20 years, Full Service has been the partner of first choice in over 300 performance based maintenance agreements. The company is based in Prague, Czech Republic, and is the leader in industrial maintenance outsourcing services in Europe, with a particularly strong position in the Nordics and a global presence. Full Service offers full scale industrial maintenance management services to customers in a wide field of industries and geographies.
Nordic Capital has a long history of successful growth oriented investments, both multinational and local businesses, and is well equipped to support Full Service’s continued development with industrial knowledge and capital. Previous investments by the Nordic Capital Funds have included a large number of portfolio companies within the B2B services or manufacturing sectors.
“We are very excited to work together with the management team to invest and further accelerate the growth and development of Full Service. There is a clear value in establishing an independent business, fully focused on developing its customer offering and thereby solidifying its position as a global leader in the growing market for industrialised maintenance. We are very impressed by the Full Service business and the competence and commitment of the employees,” said John Hedberg, Principal, NC Advisory AB, advisor to the Nordic Capital Funds.
In connection with the acquisition, Nordic Capital has appointed Sabrina Vilhena as CEO designate of Full Service, Sabrina has been with the ABB Group for over 15 years, during which time she has spent more than 10 years in various functions in Full Service. Her most recent role in Full Service was head of finance. Sabrina will assume the CEO position when the transaction closes and Full Service becomes a stand-alone company.
“Full Service has been a pioneer in introducing service offerings to various industrial segments. The current market leading position wouldn’t have been achieved without a team of exceptional professionals or without forward looking customers who have partnered with Full Service to improve their operations. I believe that Nordic Capital’s investment strategy is well suited to enable Full Service to leverage on its existing foundation to bring further value to customers, employees and investors. I am happy to re-join Full Service and to engage with our employees and customers to realise the full potential of the business as an independent company,” said Sabrina Vilhena, CEO designate of Full Service.
“Given the competence and track record of Nordic Capital I am confident in their commitment to give Full Service the opportunity and ability to grow from a new platform and help the company realize its goals. We found the right owner for this business which will enable ABB to further concentrate on its core power and automation related service activities,” said Veli-Matti Reinikkala, Head of the Process Automation Division for the ABB Group.
The business will continue to operate under its existing name ABB Full Service for a transitional period, after which a new name and brand for the independent entity will be launched.