News on 20 December 2000
ISS intends
to acquire Netherlands-based Randstad Holding’s Lavold Groep for
an estimated DKK 610m (£50m), enhancing ISS’ position in the
Netherlands and Belgium and enlarging the operation in Germany.
Randstad Holding, the third largest staffing company in the world, is
listed on the Amsterdam Stock Exchange. Lavold is a quality service provider
with 10,750 employees operating in the Netherlands, Belgium and Germany.
Its estimated turnover for 2000 amounts to approximately DKK 1.2bn (£98m)
of which most is generated in the Netherlands.
Lavold has national coverage in the Netherlands where it holds the number
three position within the general cleaning market. The company primarily
provides facility services, including general cleaning and washroom services.
Approximately 10% of the turnover comes from damage control services.
By adding Lavold to the existing ISS business, ISS’ annual turnover
would exceed DKK 3.4bn (£277m) in the Netherlands, DKK 2bn (£163m)
in Germany and DKK 1.6bn (£130m) in Belgium.
In order to partly finance the acquisition of Lavold and at the same time
secure a financial platform for future acquisitions, ISS plans a share
issue at market price with expected proceeds of up to DKK 750m (£61m).
The proposed transaction has been submitted to the local works councils
for consultation. The acquisition is conditional upon approval by the
relevant regulatory authorities.
