Blackstone to Sell GCA Services Group to Thomas H. Lee Partners and Goldman Sachs
November 16 2015 - 11:30AM
Business Wire
Blackstone (NYSE:BX) announced today that private equity funds
it manages have agreed to sell GCA Services Group, Inc. (“GCA” or
the “Company”) to a consortium of the Merchant Banking Division of
Goldman Sachs (“Goldman Sachs”) and Thomas H. Lee Partners.
GCA is a leading national provider of janitorial/custodial and
facility management services to over 930 customers, including ~20%
of the Fortune 500, across 4,400+ sites and 46 states, the District
of Columbia, and Puerto Rico. Founded in 2003 and based in
Cleveland, Ohio, GCA has more than 37,000 employees and serves
clients across diverse end-markets, including K-12 schools, higher
education, manufacturing, corporate office buildings, high-tech,
bio-pharmaceutical, nuclear power, defense and the rental car
market.
Peter Wallace, Senior Managing Director at Blackstone,
commented, “We are extremely proud of the significant growth and
value creation at GCA during our ownership. It has been a privilege
to partner with Bob Norton and the outstanding GCA management team
in their efforts to expand a best-in-class national provider of
janitorial and facility management services. We wish the management
team and the Company continued success in the years to come.”
Bob Norton, Chairman and CEO of GCA added: “We appreciate the
guidance, confidence, and support of the entire Blackstone team in
helping us fuel our continued growth over the past three years.
They have been terrific partners and played an important role in
helping us achieve our success. We are also excited about our new
partnership with Thomas H. Lee Partners and Goldman Sachs, as well
as the tremendous opportunities ahead to continue to grow our
business in the attractive facility services market.”
The transaction is subject to customary closing conditions and
is expected to close in the first quarter of 2016. Harris Williams
& Co. served as advisor to Blackstone and GCA and Simpson
Thacher & Bartlett LLP acted as legal counsel.
About Blackstone
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. Our asset management businesses, with over $330 billion in
assets under management, include investment vehicles focused on
private equity, real estate, public debt and equity, non-investment
grade credit, real assets and secondary funds, all on a global
basis. Further information is available at www.blackstone.com.
Follow Blackstone on Twitter @Blackstone.
About GCA Services Group
GCA Services Group, Inc. is a leading national provider of
quality facility services, including janitorial/custodial services,
contamination control for cleanroom manufacturing, facilities
operations and maintenance services, grounds and athletic field
management services, diversified staffing, and more. With over
37,000 employees throughout the United States and Puerto Rico, GCA
serves over 930 clients in a variety of sectors, including K-12
schools, higher education, manufacturing, corporate office
buildings, high-tech, bio-pharmaceutical, nuclear power, defense,
the rental car market, and others. For more information, please
visit www.gcaservices.com or follow GCA on Twitter,
@gcaservices.
Forward Looking Statements
This announcement may contain forward-looking statements,
including statements about the completion of the purchase of GCA,
anticipated benefits of the proposed transaction and other matters
that are not historical facts. Such forward-looking statements are
subject to various risks and uncertainties. Accordingly, there are
or will be important factors that could cause actual outcomes or
results to differ materially from those indicated in these
statements. Blackstone does not undertake any obligation to
publicly update or review any forward-looking statement, whether as
a result of new information, future developments or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20151116006076/en/
Christine Anderson,
212-583-5182christine.anderson@blackstone.com
Blackstone (NYSE:BX)
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