Acquisition Expands ABM's Service Offerings in the U.K.
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.
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chas.strong@abm.com
or
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