Under the deal worth 7.345 million euros, City Service bought 100 percent of shares in Aldesa Servicios y Mantenimiento and loans from its former shareholders, the Vilnius-based company said in a statement published on the NASDAQ OMX Vilnius website on Thursday.
"After an economic downturn, the first signs of recovery are visible in Spain. We think it is a good time for acquisitions of excellent companies that have survived the economic downturn. Prices are appealing, as large Spanish holdings are withdrawing from facility management, which is not their core business," City Group CEO Jonas Janukėnas said in the statement.
"We feel ready for a broader geographic expansion, as we see a good potential both in Spain and in other countries," he said.
Aldesa Servicios y Mantenimiento is on the list of Spain's 30 top facility management companies, with offices all over the country, over 4.8 million sq. meters of facilities under its management and 1,600 employees.
The firm provides services to telecommunications, office, energy and logistic companies in the regions of Madrid, Seville, Valencia and Barcelona. Its revenues for this year are projected at 49 million euros, and EBITDA at 1.9 million euros.
Spain's facility management market is the 5th largest in Europe, amounting to over 17 billion euros, City Service said.
