Acquisition Expands ABM's Service Offerings in the U.K.
NEW YORK--(BUSINESS WIRE)--
ABM
(NYSE:ABM), a leading provider of facility solutions,
announced today that it has acquired GBM Support Services Group Limited
("GBM"), a leading provider of cleaning, security, building maintenance,
waste and facilities management services for various retail, leisure,
public sector, and commercial clients throughout the U.K. The
transaction closed October 1st. The terms of the transaction
were not disclosed.
With headquarters in London and a regional HQ office in Glasgow, GBM
generates annual revenues of approximately £40 million and employs
approximately 2,000 service professionals across the U.K.
"With the acquisition of GBM, we saw a tremendous opportunity to
accelerate our growth strategy throughout the U.K.," said Henrik
Slipsager, President and Chief Executive Officer of ABM. "GBM is a great
fit for our organization because its array of services complements
ABM's, and we're confident this partnership will serve as a key platform
for expanding internationally with new and existing clients."
Slipsager continued: "A significant focus for ABM in recent years has
been our expansion of key service offerings within our most strategic
industry vertical markets, domestically and abroad. We've been thrilled
with the progress we've made in the U.K. with our expansion with AEG at
The O2 in London, a premier sports and entertainment complex, and our
expansion in the aviation market. GBM will now significantly add to our
growing presence globally in the retail, leisure, public sector, and
commercial segments. We're very pleased to have GBM join ABM today as we
strive to be the leader in providing integrated facility solutions for
our clients."
GBM's management team, led by CEO David Ford, will remain intact as the
company extends ABM's capabilities in the U.K. for facility management.
"I'm delighted that ABM has acquired our company and believe this is a
wonderful outcome for both our clients and employees," said Ford.
"Having the support of a proven and respected global facilities player
is a win-win situation because our clients will maintain the same
relationships with the GBM team, while gaining access to the suite of
capabilities ABM can deliver."
Jones Day acted as legal advisor to ABM in this transaction.
Cautionary Statement under 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. 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) we may not be able to achieve the expected growth in
revenues and reduction in costs relating to the combination our business
with the business of GBM Support Services Group Limited ("GBM"),
as we may not be able to retain existing customers or generate new
business anticipated from the expected benefits of the acquisition; (2)
the acquisition of GBM may divert management's time and focus from
operating our business to acquisition integration; (3) we may not be
able to retain key members of the GBM management team which could
negatively impact our ability to maintain or grow the acquired business;
(4) the GBM acquisition significantly increases our presence in the
U.K., thereby increasing our exposure to foreign currency risks and
foreign exchange exposure; and (5) we may encounter material
unanticipated costs related to the GBM acquisition. Additional
information regarding 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, 2013 and in other reports we file from time to time with the
Securities and Exchange Commission. We undertake no obligation to
publicly update forward-looking statements, whether as a result of new
information, future events or otherwise.
ABOUT ABM
ABM (NYSE:
ABM) is a leading provider of facility solutions with revenues of
approximately $4.8 billion and 110,000 employees in over 350 offices
deployed throughout the United States and various international
locations. ABM's comprehensive capabilities include facilities
engineering, commercial cleaning, energy solutions, HVAC, electrical,
landscaping, parking and security, 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,
hospitals, manufacturing plants and airports. ABM Industries
Incorporated, which operates through its subsidiaries, was founded in
1909. For more information, visit www.abm.com.
ABOUT GBM SUPPORT SERVICES GROUP
GBM Support Services Group offers a wide range of business support
services to provide a clean, safe, quality environment for its clients,
their staff, customers and visitors. The company provides award-winning
cleaning, security, maintenance, waste and facilities management
services for many of the U.K.'s leading businesses including
international banks, law firms, government bodies, leisure facilities,
conference and shopping centers. GBM employs approximately 2,000 across
the whole of the U.K.; headquartered in London, the company also has
offices in Glasgow, Cardiff, Leeds and Manchester.
ABM
Media:
Chas Strong, 770-953-5072
chas.strong@abm.com
or
Investors
& Analysts:
David Farwell, 212-297-9792
dfarwell@abm.com
Source: ABM Industries
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