Blackstone to Acquire GCA Services Group
September 05, 2012
Cleveland, Oh., September 5, 2012 – GCA Services Group, Inc. and Blackstone (NYSE: BX) today announced a definitive agreement under which a fund managed by Blackstone on behalf of its private equity investors, Blackstone Capital Partners V, L.P. (collectively with its affiliates, “Blackstone”), will acquire GCA Services Group, a leading facility services company in the U.S., from Nautic Partners, L.L.C. and other minority shareholders.
Robert Norton, Chairman, President and CEO of GCA Services Group said, “This transaction is a tremendous opportunity to fuel our continued growth. We have transformed ourselves into one of the country’s leading facility services companies in a few short years and our new relationship with Blackstone demonstrates our management-led commitment to continued dynamic growth which will energize our investment in our people and our dedication to the highest quality service to our customers.”
Peter Wallace, Senior Managing Director with Blackstone said, “Blackstone sees tremendous opportunity for investing in leading companies within the business services sector, where we have significant expertise. Blackstone is attracted to GCA’s leading market position and rapid organic growth. We look forward to working with GCA’s outstanding management team to continue to invest in the company’s growth.”
Bernie Buonanno, Managing Director at Nautic Partners said, “We are excited about the proposed transaction and the value it brings to a franchise that has been built by an outstanding management team. We believe Blackstone will be an excellent partner for GCA as the company extends its impressive track record of growth.”
The transaction is expected to close in October subject to certain government approvals and other customary closing conditions.
Credit Suisse and Morgan Stanley acted as M&A advisors to Blackstone and are providing financing for the transaction. Simpson Thacher & Bartlett L.L.P. acted as legal counsel to Blackstone.
Robert W. Baird & Co. acted as lead financial advisor to GCA and Jefferies co-advised the company. Calfee, Halter & Griswold L.L.P. acted as legal counsel to GCA.
To read the full press release at GCA, click here.