Blackstone to acquire GCA Services Group
A fund managed by Blackstone on behalf of its private equity investors, Blackstone Capital Partners V, is to acquire GCA Services Group, a US facility services company, from Nautic Partners and other minority shareholders.
Robert Norton, chairman, president and chief executive of GCA Services Group, says: “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 energise our investment in our people and our dedication to the highest quality service to our customers.”
Peter Wallace (pictured), senior managing director with Blackstone, says: “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, adds: “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.
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