Nov 4 Goldman Sachs Group Inc"s privateequity arm and buyout firm Thomas H. Lee Partners LP are intalks to acquire facility management company GCA Services GroupInc from Blackstone Group Inc, according to peoplefamiliar with the matter.
Goldman"s and Thomas H. Lee"s consortium has submitted anoffer that values GCA at around $1 billion, including debt, thepeople said on Wednesday. Blackstone, the world"s largestprivate equity firm, has been soliciting other bids for GCA andthere is no certainty that Goldman and Thomas H. Lee willprevail, the people added.
The sources asked not to be identified because the saleprocess is confidential. Blackstone, Goldman and Thomas H. Leedeclined to comment, while GCA did not immediately respond to arequest for comment.
The janitorial industry is forecast to grow at an averageannual rate of 4.3 percent through 2018, versus U.S. economicgrowth of close to 3 percent, according to investment bankScott-Macon Ltd.
Based in Cleveland, Ohio, GCA provides janitors and cleanersto schools, airports, warehouses, power stations, rental carlocations and other businesses in the United States. It has morethan 37,000 employees, according to its website.
Blackstone acquired GCA in 2012 from investment firm NauticPartners LLC and other minority shareholders in a $715 milliondeal. Based in New York, Blackstone had $333.9 billion in assetsunder management as of the end of September. (Reporting by Greg Roumeliotis in New York; Editing by BernardOrr)
Source: http://www.reuters.com/article/2015/11/04/gcaservices-ma-idUSL1N12Z41420151104
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