Canadian private equity firm Lynx Equity has acquired PartnerService Hver Gang ApS, a Copenhagen facility maintenance provider for office, retail and private institutional customers across Denmark. No financial terms were released. PartnerService, which was founded in 2003, provides cleaning, plant service, spring water, and fruit and vegetable supply to 217 customers in over 300 facilities each month. The investment is Lynx’s third in Europe. Earlier this year, the firm acquired U.K.-based Label Express Ltd and Signalhome Ltd. In 2016, PE Hub Canada profiled Brad Nathan, the Toronto investor’s founder and president.
Lynx Equity is pleased to announce the acquisition of Copenhagen-based PartnerService Hver Gang
Toronto, CANADA / Copenhagen, DENMARK – December 19, 2017 – Lynx Equity is pleased to announce the acquisition of Copenhagen-based PartnerService Hver Gang ApS, a facility maintenance provider for office, retail and private institutional customers across Denmark. The company offers cleaning, plant service, spring water, and fruit and vegetable supply, in addition to the supply of other consumable goods. Founded in 2003 by brothers Jesper Schou-Kocher and Jacob Gammelgaard Schou, the company has grown organically to service 217 customers in over 300 facilities each month. PartnerService has developed a proprietary IT platform that has significantly increased internal efficiency and communication with clients ensuring that it continues to provide best in class service in a highly competitive market.
“We are excited to make our first Scandinavian acquisition, and welcome Jacob and Jesper to the Lynx family. We were immediately attracted to the opportunity due to the company’s strong fundamentals and recurring revenue model. Furthermore, we are fortunate to partner with these brothers who have built a company that continues to be a leader in its industry due to the company’s approach to business which incorporates strong values and integrity,” commented Lynx Vice President, Edric Low. Post-acquisition, both Jesper Schou-Kocher and Jacob Gammelgaard Schou will continue in their current roles as Head of Sales/Chief Sales Officer and CEO respectively, ensuring a smooth transition to new ownership.
In 2015, Lynx acquired Utah’s Intermountain Total Facility Management, a facility maintenance provider to commercial and residential clients throughout Utah, Wyoming, and Idaho. The industry knowledge gained by working with Intermountain’s President, Brad Gowans, allowed for increased comfort during the due diligence process, and strengthened Lynx’s belief that PartnerService will be a perfect fit with the group. Further, working with a Copenhagen-based legal team led by Jesper Kronborg, Partner at Brinkmann Kronborg Henriksen, as well as the accounting team at Ernst & Young, made for a seamless transition working in a new market.
“For PartnerService this is a milestone in the history of the company. We are looking forward to working closely with our new owners to further develop the company while continuing to deliver the same, consistent and competitive service to our customers. PartnerService and Lynx are a great match. We share values and an approach to running a business that’s profitable, healthy and sustainable,” commented Jacob Gammelgaard Schou, CEO.
Lynx’s European portfolio also includes UK-based companies Signalhome and Label Express, both acquired in early 2017. With dedicated capital in place, Lynx continues to actively pursue acquisitions across Europe, as well as in North America.
Established in 2003, PartnerService provides selected facility maintenance services to customers all over Denmark including cleaning services (cleaning of offices, institutions/private schools and retails stores, window cleaning, cleaning and replacement of floor mats and laundry services), plant service, spring water supply, supply of fruit and vegetables and supply of consumables. This is all managed by the PartnerService’s unique software platform that allows the company to ensure the highest level of service to its customers.
For further information on PartnerService please visit www.partnerservice.dk
About Lynx Equity Limited
With sales in excess of $350M CAD, Lynx Equity Limited is a Toronto-based diversified private equity firm focused on acquiring small and medium-sized businesses from owners looking to retire. Lynx targets acquisitions of companies with EBITDA between $750k and $2M USD and utilizes a buy and hold strategy.
For further information on Lynx Equity, please visit www.lynxequity.com
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Photo courtesy of PartnerService Hver Gang ApS