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Cordia Group expands into Bulgaria and Cyprus
Posted: March 20, 2025
Cordia Group (comprising Cordia Facility & Energy Solutions, ESA Security Solutions, Skymar Cleaning Services and Imagin Facility Management), the largest provider of integrated property, facilities and infrastructure management services in Greece (facility management), announces the international expansion of its operations through investments in Bulgaria and Cyprus.
Strategic International Expansion
The Group’s first international investment involves the acquisition of a majority equity stake in Mundus Services, the largest provider of technical maintenance, building cleaning, facilities and infrastructure services in Bulgaria.
The second investment includes the acquisition of a significant equity stake in a manned guarding and security services company in Cyprus, through a strategic partnership with the Papaellinas family, under the leadership of Athos Papaellinas.
Mundus Services serves 4,000 facilities and operates through seven offices in Bulgaria, making it the largest provider of technical maintenance and cleaning services in the country, with revenues of €20 million and operating profitability of €2 million. The company brings long-standing industry experience, strong technical expertise, advanced technological systems, and a distinguished client base comprising leading domestic and multinational companies.
Management and Growth Orientation
The experienced management team of Mundus Services will remain at the helm of the company, retaining a minority equity stake, while committing to the further development of the company’s operations in the coming years, with a particular focus on energy efficiency solutions, electromobility, and advanced applications.
The family-owned investment company of the Papaellinas family, following the investment by Cordia Group, will be integrated into the Group’s subsidiary ESA Security Solutions, with the objective of strengthening its presence in the Cypriot market. The company will focus on manned guarding services and advanced smart electronic security systems, as well as on the development of activities in technical maintenance, energy solutions and building cleaning services.
The Cordia Group, a joint investment of SMERemediumCap and the Latsco Family Office, following its two new investments outside Greece, is transforming into one of the largest facility management companies in the region. The Group’s turnover is expected to exceed €165 million in 2025, with anticipated operating profitability of over €10 million in the same period, while employing 5,000 people and maintaining a strong and high-quality client base.
The investment fund SMERemediumCap has, over the past three years, through acquisitions and organic growth, built the largest facility management services group in Greece and the wider region. Through the broad range of services it provides both in Greece and internationally, and supported by its experienced and highly skilled workforce, the Cordia Group delivers comprehensive, end-to-end solutions that fully address the needs of its clients.
The Group’s objective is the continuous enhancement of the services offered to its clients, through the delivery of high-specification, innovative solutions that leverage advanced, cutting-edge technologies, while operating under competitive terms, transparency and consistency.
The completion of the transactions is subject to the approval of the competent authorities.