We advised the City of Helsinki on the sale of Palmia to Mutares, a German private equity investor.
Palmia is a food, real estate, cleaning and security services provider. The company was formed in 2015 when the City of Helsinki decided to move the services it previously had provided in-house under a separate company. The divestment implements the City’s ownership strategy.
Palmia is a major service provider especially in the City of Helsinki but it also operates in other parts of Southern Finland having a revenue of approximate EUR 104 million in 2021 and 2400 employees.
The transaction is expected to close in Q1 2023 and it is subject to approval by the Finnish Competition and Consumer Authority.