Estate merges with Primär Fastighetsförvaltning in a deal financed by Verdane.

Estate, a Stockholm, Sweden-based facility management provider, announced that it merged its operations with competitor Primär Fastighetsförvaltning, also based in Stockholm.

The deal, which has financial details undisclosed, was made part of a larger transaction through which Verdane Capital acquired five companies from the Swedish investment company Sequent Invest. The five companies are Estate, Uppländska Berg, Trivec, Primär Fastighetsförvaltning and Linjebesiktning.

As a result, Verdane merged Estate and Primär in a holding company, the Estate Group, with an overall group management where the focus is on the facility management market and integrated market offers and where possible synergies between the companies will be utilized.

CEO of the new group will be Johan Håkansson, current CEO of Estate.

Chairman of the Board is Ulf Wretskog who previously been CEO of Coor Service Management Sweden and ready for the board is also Robert Fonovich, head of Catella's Swedish Corporate Finance operations.