CCMP Capital Advisors announced that it has agreed to acquire BGIS, a leading integrated facilities management (“IFM”) company, from Brookfield Business Partners for $1 billion.
The Company’s Chief Executive Officer, Gordon Hicks, and the management team will remain in place and work with CCMP to support the Company’s next phase of growth.
Supported by a team of over 7,000 globally, the Company manages over 320 million square feet of client portfolios across over 30,000 locations in Australia, Asia, North America and Europe.
“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,” said Mr. Hicks.
“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.
“We are excited to partner with Gord and his team to continue to grow BGIS for the benefit of customers and employees.”
The transaction is expected to close in the second quarter of 2019, subject to customary closing conditions. Ropes & Gray LLP and McCarthy Tétrault LLP are acting as legal counsel to CCMP with assistance from Australian counsel, Clayton Utz. Morgan Stanley is serving as financial advisor to CCMP.