ABM Industries completed the acquisition of GCA Services Group for approximately $1.25 billion consisting of approximately $851.0 million in cash and 9.5 million shares of ABM common stock from affiliates of Thomas H. Lee Partners and the Goldman Sachs Merchant Banking Division. The cash portion of the purchase price is subject to normal adjustments for working capital and certain other items. The company previously announced the signing of a definitive agreement to acquire GCA on July 12, 2017.
According to a related 8-K filing, Bank of America served as administrative agent for a $900 million revolving credit facility and an $800 million term loan to support the transaction.
JPMorgan Chase served as syndication agent. Capital One, Citizens Bank, HSBC Bank, KeyBank, PNC Capital Markets, SunTrust Bank, The Bank of Tokyo-Mitsubishi, U.S. Bank and Wells Fargo Securities were co-documentation agents.
JPMorgan Chase, Merrill Lynch, PNC Capital Markets, The Bank of Tokyo-Mitsubishi UFJ, U.S. Bank and Wells Fargo Securities were joint lead arrangers.
GCA is a provider of facility services in the education and commercial industries. The acquisition is expected to add approximately $1.1 billion in annual revenues and adjusted EBITDA of approximately $100 million. The acquisition is expected to increase the combined company’s capabilities in the education, industrial and other key segments.
ABM is a provider of facility solutions with revenues of approximately $5.1 billion and over 130,000 employees in more than 350 offices throughout the U.S. and various international locations.