CCMP Capital to buy BGIS from Brookfield Business Partners for $1bn
CCMP Capital (previously known as JP Morgan Partners) a private equity investment firm headquartered in New York announced today that it has entered into a definitive agreement with Brookfield Business Partners to acquire BGIS, an industry leading integrated facilities management company. The deal will see CCMP pay a total of US$1bn for for BGIS.
Following the completion of the transaction, which is expected to close in Q2 2019, BGIS’ CEO, Gordon Hicks, and the company’s management team will remain in position and work with CCMP to support the company’s next phase of growth.
“We have been very impressed by the industry-leading business the experienced BGIS management team has built over the years, rooted in a strong culture of caring, innovation and high-performance,” said Greg Brenneman, Executive Chairman of CCMP. “We are excited to partner with Gord and his team to continue to grow BGIS for the benefit of customers and employees.”
Founded in 1992, BGIS provides a full spectrum of customized facility management services, project delivery services, energy and sustainability solutions, asset management, workplace advisory and management, and real estate services to real estate and infrastructure owners and occupiers. Supported by a team of over 7,000 globally, the company manages over 320mn square feet of client portfolios across over 30,000 locations in Australia, Asia, North America and Europe.
“BGIS has developed into a world class Integrated Facility Management Services business by always putting the interests of our customers and communities first, constantly innovating and searching for new opportunities to create value for all stakeholders, and implementing sustainable operating practices that contribute to creating a better world. We’ve never been stronger as an organization, and I look forward to continuing to build BGIS in partnership with CCMP,” said Hicks.