Finnish investor MB Funds has sold its share in the Engel group to ISS Suomi for €192m. The transaction is subject to the approval of the Finnish antitrust authorities.
MB Funds acquired the Engel Group from the government for an undisclosed sum in an auction process at the end of 1998. MB Funds became the majority shareholder with a 45.9% stake and the rest of the shares were split between the Finnish government, with 42.9%, and Engel employees (11.2%.)
The company’s turnover has more than doubled in the six years under MB Funds ownership thanks to organic growth and the acquisition of almost 20 companies.