Private equity firm Warburg Pincus has acquired majority ownership in FacilitySource, a provider of facility maintenance and management solutions to retailers and other multi-site operators. Terms of the deal have not been disclosed.
FacilitySource manages over 60,000 facilities worldwide via an elite service provider network, representing over USD1 billion in aggregated spend each year. The company has grown rapidly since taking its solution to market in 2005, averaging 25-30% growth in each year. FacilitySource is poised to accelerate this growth with the backing of Warburg Pincus.
"FacilitySource provides a unique value proposition to its customers and continues to innovate in the vast and fragmented global facility maintenance market," says Alex Berzofsky, Managing Director, Warburg Pincus. "We are excited to partner with Bill and his management team and to support the Company’s impressive growth trajectory."
FacilitySource CEO Bill Hayden says: "We see the partnership with Warburg Pincus as an opportunity to build a very unique platform in a space that today does not have many good options from the perspective of our target client base. The strong investment from Warburg Pincus enables FacilitySource to grow the company, both organically and via strategic acquisition, and to expand the scope of services provided to our clients."
