Adapteo delays publication of sustainability targets

Temporary accommodation company Adapteo has delayed the publication of its sustainability targets because of the acquisition offer made in mid-May by Palace Bidco Oy, a private equity business operated by West Street Global Infrastructure Partners IV.

The targets were originally planned to be released in the first half of this year. The company will communicate a new release schedule during the second half of 2021.

Peter Nilsson, Adapteo’s Chairman, said the board had confidence in the “ambitious” targets submitted by its management but wanted to let a potential future board of directors play a role.

“Adapteo continues its path to become the most sustainable company in the industry and strives for sustainability leadership within the construction and real estate industry”, said Nilsson.

“Adapteo’s management has done a great job developing an already implemented sustainability strategy and has presented ambitious sustainability targets and road map to the board of directors. I want to underline that the board are very confident in the submitted material.

“Nevertheless, Adapteo’s board of directors has decided to postpone the release of the targets due to the ongoing tender offer, and to let a potential future board of directors be part of such a release.”

Adapteo, which was demerged from the Cramo general rental business several years ago, is listed on Nasdaq Stockholm and operates in Sweden, Finland, Norway, Denmark, Germany, and the Netherlands. Its revenues in 2020 were €231 million.