by Ann Withanee — December 29, 2010—ABM Industries Inc. has completed its acquisition of The Linc Group, LLC (TLG), for $300 million in cash, a transaction that is expected to propel the facilities services provider on to the Fortune 500 list, according to ABM.
Irvine, California-based TLG is a provider of end-to-end integrated facilities services that improve operating efficiencies, reduce energy consumption and lower overall operational costs of critical facilities, installations and buildings in the government, commercial and residential markets. Its 2009 revenues totaled $579.2 million.
“This is a game changer for ABM’s business,” said Henrik Slipsager, president and chief executive officer. “Acquiring a firm of TLG’s quality transforms our engineering and energy business overnight and completely differentiates us from our competitors. This strengthens ABM’s position in a higher growth segment and cements our leadership role in the facilities services industry.”
With this move, Slipsager said, ABM is in an outstanding position to deliver leading client solutions to meet the global drive towards green buildings and energy efficiency.
Geographically, TLG’s operational footprint spans more than one billion square feet over more than 25,000 facilities, including some international presence across six continents. In the U.S., it operates in 46 states. Combining the two businesses will generate synergies for ABM. The expected synergies will only have partial impact in fiscal year 2011 and full impact in 2012. Therefore, ABM expects the deal to be slightly accretive to fiscal year 2011 earnings and further accretive in 2012.
For more information visit the ABM Web site.
