Investments made

Engel Group

At the end of 1998, MB Funds acquired the Engel group by competitive tender, following the state’s privatisation procedure. The state remained a minority shareholder and the management of the company joined the new ownership. After the purchase, in the spring of 1999, an issue of shares targeted at the entire personnel, was organised.

The Engel group offered cleaning, security and care services. During the period of its ownership, MB Funds was actively involved in the development of Engel’s operations. As a result of both organic growth and 20 add-on acquisitions, the company expanded, becoming the market leader.

In 2004, the Engel group turnover totalled approximately €190 million and it had a staff of around 7,000.

MB Funds sold the Engel group to ISS Finland in June 2004. The purchase price, excluding debt, was €192 million.