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Blackstone to sell GCA Services Group to Thomas H Lee Partners and Goldman Sachs

Private equity funds managed by Blackstone have agreed to sell GCA Services Group (GCA) to a consortium of the Merchant Banking Division of Goldman Sachs and Thomas H Lee Partners.

GCA is a provider of janitorial/custodial and facility management services to over 930 customers, including ~20 per cent of the Fortune 500, across 4,400+ sites and 46 states, the District of Columbia, and Puerto Rico. Founded in 2003 and based in Cleveland, Ohio, GCA has more than 37,000 employees and serves clients across diverse end-markets, including K-12 schools, higher education, manufacturing, corporate office buildings, high-tech, bio-pharmaceutical, nuclear power, defense and the rental car market.
Peter Wallace, Senior Managing Director at Blackstone, says: “We are extremely proud of the significant growth and value creation at GCA during our ownership. It has been a privilege to partner with Bob Norton and the outstanding GCA management team in their efforts to expand a best-in-class national provider of janitorial and facility management services. We wish the management team and the Company continued success in the years to come.”
Bob Norton, Chairman and CEO of GCA, adds: “We appreciate the guidance, confidence, and support of the entire Blackstone team in helping us fuel our continued growth over the past three years. They have been terrific partners and played an important role in helping us achieve our success. We are also excited about our new partnership with Thomas H. Lee Partners and Goldman Sachs, as well as the tremendous opportunities ahead to continue to grow our business in the attractive facility services market.”
The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2016. Harris Williams & Co served as advisor to Blackstone and GCA and Simpson Thacher & Bartlett LLP acted as legal counsel.
approach, global network and strong track record of creating value make them a compelling partner. I look forward to working with the team and drawing on my experience and network to find exciting new investment opportunities.”

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