Next Wave Venture in London acquires the facility management company Crendo AB in Halmstad. The investment will primarily be used to develop additional local “hubs” which act as the base for providing a full suite of facilities management services to properties in the area.

Crendo is a contracted provider of facility management services to local authorities and property groups. Its services range from electrical repairs and maintenance through to snow clearing. The company has experienced a strong growth the last couple of years and in 2006 Crendo had revenue of 145 MSEK with good margins.

The business will continue to be managed by its CEO, Alf Sandberg, a highly experienced facility management professional and proven entrepreneur. NWV have appointed Torben Carlsen, former COO of Gate Gourmet, as Crendo’s non-executive chairman.

The strategy will be to expand organically into towns where Crendo is not yet present, however they will also look to expand via bolt-on acquisitions.

IMAP advised the seller during the entire process.