NEW YORK, Dec. 9, 2015 (GLOBE NEWSWIRE) -- ABM (NYSE:ABM), a leading provider of facility solutions, announced today that it has signed a definitive agreement acquiring Westway Services Holdings (2014) Ltd. ("Westway"), a provider of technical engineering services to customers in the United Kingdom (U.K.), in an all cash deal.
With annual revenues of £54 million (approximately U.S. $81 million), the acquisition adds to the Company's current strength in the U.K. and supports ABM's transformation to a solutions-driven business. The terms of the transaction were not disclosed.
"The acquisition is a natural fit, in line with our long-term strategic vision, and continues our focus in areas where we can achieve higher margins and deliver greater value to our stakeholders," said Scott Salmirs, president and chief executive officer, ABM. "Building upon our Aviation vertical through OmniServ and the GBM acquisition, recently rebranded as ABM U.K., Westway will allow ABM to expand into market adjacencies and deliver complete solutions, including deep technical services, to our clients in the U.K."
Founded in 2000, Westway is a technical facility services provider and offers technical engineering services such as heating, ventilation, air conditioning, refrigeration, electrical installations, building management systems, planned preventative maintenance, and reactive maintenance services. The company is based in South Ruislip, West London and has approximately 540 employees.
"Westway has a tremendous reputation for high-quality and premium service which differentiates them in the marketplace," said John Spencer, managing director, ABM U.K. "We are very excited about the strength that Westway will bring to ABM, and are confident that they will enhance our ability to deliver integrated facilities management capabilities."
The combination of ABM and Westway will open up rich solution selling opportunities across the companies varied customer bases. The deal will allow ABM to immediately extend Westway's mechanical, electrical and core service lines to its current U.K. customer base. In addition, it offers the opportunity to cross-sell ABM's leading services to existing Westway clients.
Becoming part of ABM will also open up new opportunities for Westway employees to pursue professional development and expand their personal opportunities. The company will continue to be led by its current management team.
"Today's announcement further enhances our growth opportunities and the ability to provide our clients with additional services and resources," said Andy Donnell, managing director, Westway. "We believe we can substantially leverage our capabilities as a combined entity and are confident that our clients and employees will benefit greatly from the combination of our businesses."
ABM (NYSE: ABM) is a leading provider of facility solutions with revenues of approximately $5 billion and over 100,000 employees in over 300 offices deployed throughout the United States and various international locations. ABM’s comprehensive capabilities include electrical & lighting, energy solutions, facilities engineering, HVAC & mechanical, janitorial, landscape & turf, mission critical solutions and parking, provided through stand-alone or integrated solutions. ABM provides custom facility solutions in urban, suburban and rural areas to properties of all sizes — from schools and commercial buildings to hospitals, data centers manufacturing plants and airports. ABM Industries Incorporated, which operates through its subsidiaries, was founded in 1909. For more information, visit www.abm.com.
Cautionary Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements that set forth management's anticipated results based on management's current plans and assumptions. Forward-looking statements are not based on historical facts but instead reflect our current expectations, estimates or projections concerning future results or events. These statements generally can be identified by the use of forward-looking words or phrases such as "believe," "expect," "will," "anticipate," "may," "could," "intend," "belief," "estimate," or other similar words or phrases. These statements are not guarantees of future performance and are inherently subject to known and unknown risks, uncertainties and assumptions that are difficult to predict and could cause our actual results to differ materially from those indicated by those statements. Any number of factors could cause the Company's actual results to differ materially from those anticipated. Factors that could cause actual results to differ include, but are not limited to, the following: (1) the acquisition of Westway Services Holdings (2014) Ltd., may not provide the benefits that we anticipate receiving from this acquisition due to any number of factors, including anticipated demand for technical engineering services may not grow as expected; (2) we may not be able to extend Westway's service lines to our current customer base in the U.K. due to a variety of factors, including, but not limited to, a failure to cross-sell our services to existing customers or expand services to new customers; (3) we may not be to achieve the anticipated synergies or leverage these synergies across our businesses in the U.K.; and (7) we may encounter material unanticipated costs related to the acquisition. Additional information regarding these and other risks and uncertainties the Company faces is contained in the Company's Annual Report on Form 10-K for the year ended October 31, 2014, and in other reports the Company files from time to time with the Securities and Exchange Commission (the "SEC") (including all amendments to those reports). The Company urges readers to consider these risks and uncertainties in evaluating its forward-looking statements. The Company cautions readers not to place undue reliance upon any such forward- looking statements, which speak only as of the date made. The Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein (or elsewhere) to reflect any change in the Company's expectations with regard thereto, or any change in events, conditions or circumstances on which any such statement is made, whether as a result of new information, future events or otherwise, except as otherwise required.
CONTACT: Media: Chas Strong
Investors & Analysts: David Farwell
Source: ABM Industries
News Provided by Acquire Media