CBRE Group, Inc. entered into a definitive agreement to acquire J&J Maintenance, Inc. from Arlington Capital Partners V, L.P., managed by Arlington Management Employees, LLC for $1.1 billion.
February 04, 2024
Share
CBRE Group, Inc. (NYSE:CBRE) entered into a definitive agreement to acquire J&J Maintenance, Inc. from Arlington Capital Partners V, L.P., managed by Arlington Management Employees, LLC for $1.1 billion on February 5, 2024. The initial purchase price is $800 million in cash, plus a potential earn-out of up to $250 million, payable in 2027, subject to the acquired business meeting certain performance thresholds. As of February 23, 2024, CBRE Services issued $500 million in aggregate principal amount of 5.500% Senior Notes due 2029 to finance in part the acquisition of J&J. The Notes are senior unsecured obligations of CBRE Services. In 2024, J&J is projected to produce more than $525 million of revenue and approximately $65 million of EBITDA, continuing its recent track record of low double-digit annual growth. The acquisition is expected to be accretive to CBRE?s earnings in 2024. Closing of the acquisition is subject to obtaining applicable regulatory clearances and other customary closing conditions. Closing of the transaction is expected in the coming months. As of February 20, 2024, the transaction is expected to close in Q1 of 2024.
Citigroup Inc. acted as a financial advisor and Mark Pflug, Tristan Brown, Harry Hudesman, Benjamin Rippeon, Sophie Staples, Lori Lesser, Krista McManus, Dennis Loiacono, Timothy Mulvihill, Steve DeLott, Peter Guryan, Étienne Renaudeau and Kelly Karapetyan of Simpson Thacher & Bartlett LLP and ArentFox Schiff LLP acted as a legal advisors to CBRE Group, Inc. J.P. Morgan Securities LLC acted as a financial advisor to J&J Maintenance, Inc. and Sheppard Mullin Richter & Hampton LLP acted as a legal advisor to J&J Maintenance, Inc. and Arlington Capital Partners. Julia Kaufmann and Sarah Knight of Osborne Clarke acted as legal advisor to CBRE Group in the transaction.
CBRE Group, Inc. est spécialisé dans les prestations de conseil en immobilier d'entreprise. L'activité du groupe s'organise autour de 2 pôles :
- gestion des investissements : gestion des transactions et des projets, évaluation et valorisation, crédit-bail immobilier, conseil stratégique à destination des fonds de pension, des assurances, des investisseurs institutionnels, etc. A fin 2023, le groupe compte 149.5 MdsUSD d'actifs sous gestion ;
- développement et gestion d'actifs immobiliers : immeubles industriels, commerciaux et de bureaux, établissements de santé, aéroports, etc.
CBRE Group, Inc. entered into a definitive agreement to acquire J&J Maintenance, Inc. from Arlington Capital Partners V, L.P., managed by Arlington Management Employees, LLC for $1.1 billion.