Perwyn, a European private equity investor, has entered an agreement to exit its holding in WGNSTAR to ABM in a cash transaction valued at approximately $275m. With locations in Ireland and six cities in the United States, WGNSTAR is a provider of managed workforce solutions and equipment support services for the semiconductor and high-technology industries.
Since Perwyn invested in 2019, WGNSTAR has developed into a company with more than 1,300 employees, and it maintains long-standing client partnerships, with many exceeding two decades.
Perwyn had invested alongside Founder Basil Holian and his long-term COO Mark Morris. Perwyn assisted Holian in his operational transition from CEO to President, which included C-suite hires Nigel Wenden (CEO), Shane Cox (CFO) and Geoffrey Stoddart (SVP Global BD), as well as Mike Alisson (NED) at the board level.
ABM is one of the world’s largest providers of integrated facility, engineering, and infrastructure solutions. It serves a range of market sectors, including commercial real estate, aviation, mission critical, and manufacturing and distribution. The company’s annual revenue is in excess of $8bn.
Generating over half of its revenue from integrated workforce programmes, WGNSTAR ensures operations efficiency in chip fabrication facilities. WGNSTAR also collaborates with original equipment manufacturers to offer equipment support services that include installation, maintenance, and production tool management.
The transaction is subject to customary completion conditions, including regulatory approvals.
