3.5 million euro Investment in Manifest - Euro2day.gr
Venture capital company Southbridge recently invested in the Greek facility management company Manifest. The new objectives of the company and further expansion in the tourism market.An investment of 3.5 mil. Euro in Greek society facility (Facility Management – FM) Manifest held Recently the company business Southbridge holdings in which involving the European Investment Fund (EIB arm) and foreign funds. Manifest was founded 13 years ago by Mr. Dionysis Ammolochitis and shows a continuous upward trend, with revenue of about seven million euro last year. According to Mr. Ammolochitis, President and CEO of Manifest, the company has a large customer base exclusively in the private sector, with big names like Coca Cola HBC, Nestlé and large hotels. It offers a full range of facilities management services (cleaning, storage, equipment maintenance, etc.) and employs more than 500 employees who provide specialized services in 1,000 buildings. Ms. Evi Hadrian, of the Southbridge founders and member of management investment company, says that they invested in Manifest because they see that the Facility Management sector in Greece has considerable potential, especially with regard to the level of services offered by Greek facility management companies. “In company search industry met the Manifest “, she explains. The FM industry has a bad reputation in our country because of the poor track record of various companies (e.g. delays in paying cleaners, etc.). But it is rapidly growing sector. Southbridge, says Ms. Hadrian, was established two years ago with funds for investment reaching 60 million euro and to date has invested approximately 25%. It does not focus on financing early stages, but on companies that have shown a track record but need additional funds for further development.
Besides Manifest, the Southbridge portfolio includes the retail company Kiosky’s, the yacht rental company Cosmos yachts Yachting and the hotel management company hotelBrain. Manifest will also seek synergies with hotelBrain, says Mr. Ammolochitis, in order to expand its presence in the tourism market. He adds “how important pillar in tourism is proper operation of hotel facilities. Unlike other European countries, tourist facilities companies our country just started to discover the benefits of FM and even Manifest. The upgrade of housekeeping services (cleaning rooms, etc.) and correct operation of electromechanical infrastructure enhance the prestige of the hotel and meeting their customers. ”
Management of Manifest argues that “despite the difficult economic situation of recent years, the company continuously displays upside growth. In the last five years, Manifest succeeded in doubling its size. It is no coincidence that between 2014-2015 the company increased profitability by 300%. ” Furthermore, “2015, despite the generally adverse business environment prevailing in Greece, is proving to be the best year in turnover and profitability. ”
To undertake contracts abroad or to cover multinational customers who have facilities in other countries, the company partnered with international companies, creating the 21stFM alliance. Thus, Manifest “is the only Greek company in the sector with a presence in almost 10 countries in Europe. “