CORDIA Group Expands Internationally with Investments in Bulgaria and Cyprus
The CORDIA Group (comprising CORDIA Facility & Energy Solutions, ESA Security Solutions, Skymar Cleaning Services, and Imagin Facility Management), the largest provider of integrated property, facility, and infrastructure management services in Greece, announces its international expansion with investments in Bulgaria and Cyprus.
The Group’s first international investment involves the acquisition of a majority stake in Mundus Services, the largest provider of technical maintenance, building cleaning, and facility and infrastructure services in Bulgaria. The second investment includes the acquisition of a significant stake in a manned guarding and security services company in Cyprus, in a strategic partnership with the Papaelina family, led by Athos Papaelinas.
Mundus Services, which serves 4,000 facilities and operates through 7 offices in Bulgaria, is the country’s largest provider of technical maintenance and cleaning services, with revenues of €20 million and an operating profit of €2 million. The company boasts extensive industry experience, significant technical expertise, advanced technological systems, and a distinguished clientele of prominent domestic and multinational companies.
The experienced management team of Mundus Services will remain at the helm, retaining a minority shareholding, while committing to further develop the company’s operations in the coming years, particularly in energy-saving solutions, electrification, and advanced IoT applications. The Papaelina family’s equity participation company, following CORDIA’s investment, will join the Group’s ESA Security Solutions, aiming to strengthen its presence in the Cypriot market in manned guarding, advanced “smart” security systems, as well as in the development of technical maintenance, energy solutions, and building cleaning services.
The CORDIA Group, a joint investment by SMERemediumCap and the Latsco family office, is transforming into one of the largest facility management companies in the region following these two new international investments. The Group’s turnover is estimated to exceed €165 million by 2025, with an expected operating profit of over €10 million during the same period, while employing 5,000 people and maintaining a strong and reputable client portfolio.
Over the past three years, the SMERemediumCap Investment Fund has established, through acquisitions and organic growth, the largest facility management services Group in Greece and the broader region. Through the wide range of services it offers both domestically and internationally, and with a strong competitive advantage in its experienced and skilled workforce, the CORDIA Group fully meets the needs of its clients with integrated solutions, from technical maintenance and energy upgrades of buildings and infrastructure to manned guarding, “smart” security systems, and the cleaning of facilities, infrastructure, and buildings.
The Group’s goal is the continuous upgrade of the services offered to its clients, through the provision of innovative, high-standard solutions that leverage cutting-edge technologies, on competitive terms, with transparency and consistency.
The completion of the transactions is subject to approval by the relevant authorities.
