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ISS Group ponders London listing

24 January 2011 by
ISS Group ponders London listing

ISS Group, the owner of UK contract caterer ISS Eaton, is reportedly considering London as the primary stock market for the $3bn (£1.88bn) listing it is planning for the spring.

The Denmark-based outsourcing firm - the world's fourth-largest private-sector employer with 525,000 staff, including 43,500 in the UK - had previously indicated that the float would take place in Copenhagen with a possible secondary listing in London.

However, in an interview with The Sunday Telegraph, chief executive Jeff Gravenhorst signalled a potential change.

"It would be Copenhagen or London," he said. "That's a review we're doing at the moment. It may be both."

Asked whether the main listing could be in London, he replied: "It could but it's not been decided.

"It's a very liquid market but of course there are certain aspects we are putting into this decision and we are not done with that yet."

ISS's biggest rivals, Compass Group and Sodexo, are listed in London and Paris respectively and Gravenhorst added: "If you're on the same stock exchange as some of your main competitors, it can be an advantage.

"But it can be the same if we are in Denmark. You have the same analysts follow the sector and the markets are liquid. It's the same investment that goes across."

ISS Group, which is owned by funds managed by Goldman Sachs and Swedish private equity firm EQT, is looking to a float after abandoning talks about a sale to Apax Partners.

ISS appoints Hendrik Andersen as new chief executive >>

ISS Eaton appoints new UK director of operations >>

Catering People buy to help ISS Eaton compete in North >>

ISS Eaton wins £19m catering deal with O2 >>

By Daniel Thomas

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