CCMP Capital Advisors, LP (CCMP) will acquire BGIS, an integrated facilities management (IFM) company for approximately US$1 billion.
According to the press release, the transaction is expected to close in the second quarter of 2019, subject to customary closing conditions.
BGIS provides a full spectrum of customized facility management services, project delivery services, energy and sustainability solutions, asset management, workplace advisory and management, and real estate services to real estate and infrastructure owners and occupiers. Supported by a team of over 7,000 globally, BGIS manages over 320 million square feet of client portfolios across over 30,000 locations in Australia, Asia, North America and Europe.
“We have been very impressed by the industry-leading business the experienced BGIS management team has built over the years, rooted in a strong culture of caring, innovation and high-performance,” said Greg Brenneman, executive chairman of CCMP in the press release. “We are excited to partner with Gord and his team to continue to grow BGIS for the benefit of customers and employees.”
BGIS CEO, Gordon Hicks said he looks forward to continuing to build BGIS in partnership with CCMP. The management team will remain in place and support the company’s next phase of growth.
“BGIS has developed into a world-class integrated facility management services business by always putting the interests of our customers and communities first, constantly innovating and searching for new opportunities to create value for all stakeholders, and implementing sustainable operating practices that contribute to creating a better world. We’ve never been stronger as an organization, and I look forward to continuing to build BGIS in partnership with CCMP,” Hick said.
Morgan Stanley is serving as financial advisor to CCMP and Ropes & Gray LLP and McCarthy Tétrault LLP are acting as legal counsel with assistance from Australian counsel, Clayton Utz.