We have advised Palmia Oy, a business and food service specialist active in Finland, on its sale to Mutares Nordics Oy, the Nordic company of the listed German investment company Mutares SE & Co. KGaA (ETR: MUX) . Palmia Oy offers lunch restaurants as well as outsourced food services, cleaning services, and facility services, and is the third largest security services company in Finland. Palmia, previously owned by the City of Helsinki, was incorporated in 2015, and prior to that consisted of the same services provided directly by the city of Helsinki. Mutares SE & Co. KGaA is a listed German investment company that focuses on the acquisition of parts of large corporations (carve-outs) and medium-sized companies in transitional situations. Its holdings produced EUR 2.5 billion in sales in 2021 and the company manages more than 16,000 employees through its holdings. Under the management of Mutares, Palmia can create and implement a new growth plan to focus on its key competencies as well as strategic expansion into new areas.
Clearwater advises the City of Helsinki on the sale of Palmia Oy to Mutares Nordics Oy
City of Helsinki on the sale of Palmia Oy to Mutares Nordics Oy
Undisclosed
Adviser to City of Helsinki on the sale of Palmia Oy to Mutares Nordics Oy
Business Services
Finland
We are happy that together with Clearwater we found a new committed owner for Palmia and expect the company to develop further as a quality service provider for Helsinki and other clients. Although the recent years have been difficult for Palmia due to COVID-19 and other recent market environment changes, Palmia's incorporation has been a success due to the significant cost savings it has provided for the city.
In this process we learned that Palmia has developed strong expertise in many its service areas and we strongly believe that we have found a new owner who can further nurture Palmia to be a leading player in many of its service areas with vast opportunities, for example in the health sector where newly established “wellbeing services counties.
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