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ISS A/S (Facility Services)

exited

Services (Denmark) — EQT Partners / Goldman Sachs Capital Partners

Deal Terms

Entry Year2005
Entry EV$3.4B
Entry Multiple10x
Leverage6x
Debt Amount$2.04B

Outcome

Exit Year2014

Risk Metrics

LTV (est.)60%
Debt / EV0.60x

Notes

EQT/Goldman bought Danish facility services giant for DKK 22.1B (~$3.4B) in 2005. IPO'd 2014 at DKK 170/share. 500,000+ employees worldwide — one of the world's largest private employers. Cleaning, catering, security. PE ownership drove outsourcing model that replaced permanent staff with flexible/temp workers. Workers bore cost of PE efficiency gains.

Sponsor

Partners Group$185B AUM