Real estate services firm Cushman & Wakefield is to acquire Quality Solutions Inc (QSI), an asset-light facilities management provider, from Gridiron Capital. The acquisition of QSI will expand Cushman & Wakefield’s facility management capabilities across North American markets.
Headquartered in Wichita, QSI offers facilities maintenance and managed services in over 75 trades to 110,000-plus locations across various end markets, through over 50,000 qualified vendors. The Company’s integrated, one-stop solution reduces a client’s total cost of ownership and enables clients to strategic plan effectively.
Gridiron Capital originally invested in QSI in 2012 and partnered with the Company to build a scalable operating platform and expand its service offering and geographic presence to accelerate growth. Through its partnership with Gridiron Capital, QSI achieved impressive market share expansion via organic growth and multiple add-on acquisitions. The Company aggressively pursued and won new customers in new verticals, and with the add-ons, further expanded the Company’s customer and vendor base and service offering.
Gridiron Capital Co-Founder and Managing Partner Tom Burger, says: “We have enjoyed partnering with the QSI management team the past six years and are proud of their significant growth, the platform capabilities they have built, and their success in becoming an industry leader. Cushman & Wakefield is acquiring a great business with capabilities among the best in the industry. We are grateful for the trust QSI’s founder had in us to reinvest back into the business and continue his involvement with us as a Director on the Board of QSI.”
Eric Crabb, CEO of QSI, says: “Gridiron Capital’s support enabled us to take a dramatic step forward as a business, Gridiron Capital supported QSI in enhancing a best-in-class management team, bringing experienced industry executives to our Board of Directors, and helping us uncover accretive add-on opportunities to supplement our organic growth. We are a stronger company today as a result of this partnership.”
Scott Harrison, Managing Director of Gridiron Capital and Board member of QSI, adds: “We are fortunate to have worked with such a strong and capable team at QSI and are proud of the success they have achieved. We have enjoyed building a strong partnership with this management team, and we look forward to QSI continuing its growth trajectory as an industry-leading provider of facilities management solutions with Cushman & Wakefield.”
The acquisition of QSI is expected to close in the first quarter of 2019 and is subject to customary closing conditions, including receipt of all applicable antitrust approvals.
QSI was advised by Piper Jaffray and Finn Dixon & Herling LLP.
