Acquisition of 4th Largest Caterer in Chile

ISS, a global leading facility services provider, has acquired Apunto, which is focused on delivering catering solutions to key customers primarily in the area around the capital Santiago.

Dan Ryan, Regional CEO for ISS Americas, said: "ISS Chile is an excellent business with a good track record of both strong organic growth and margin. Integrated Facility Services accounts for 50% of revenue, but the service mix is weighted towards cleaning. This acquisition, will enhance our self-delivery capabilities in Chile and support our growth outlook."

He also observed: "Apunto is the perfect strategic match for ISS Chile, as we have no current catering business. The acquisition will allow for significant cross selling. ISS Chile currently sub-contracts catering services for 8 of its top 20 IFS customers, so we have some immediate synergies at hand."

The enterprise value of Apunto is DKK 67 million. In 2015, revenue was DKK 116 million, and organic growth was 13%. The EBITA margin for Apunto is above the current ISS group average. The transaction will be funded through existing debt facilities. The transaction is final and unconditional.

ISS has been in Chile since 2004. In 2015, ISS Chile had 13,039 employees and generated a revenue of DKK 944 million.