MENLO PARK, Calif. - GI Partners has announced completion of the sale of The Linc Group LLC (TLG), a leading global provider of technical building services, to ABM Industries Inc. for $300 million in cash. TLG was acquired by GI Partners in a management-led buyout from the Enron bankruptcy process in 2003. Over a seven-year holding period, GI Partners said it worked closely with Linc’s management team to significantly diversify and expand the company’s customer base. In addition, GI Partners said it helped TLG execute six major strategic acquisitions and a number of smaller tuck-in acquisitions, creating a major global provider of technical building services, green solutions, and other training and support services.
As a result of this transaction, the companies said ABM’s position in the facilities services industry is further solidified, with over $4 billion in annual revenue and nearly 100,000 employees. Tracy Price, CEO of The Linc Group, said, “As TLG embarks on its next chapter of business growth, we are excited to partner with a company that has a long, successful operating history and deep industry expertise. We are also enthusiastic to assist ABM in expanding its already substantial capabilities and global reach.” Price added, “TLG has benefited significantly from its relationship with GI Partners and we have valued their commitment to the success of our firm. Since the partnership was formed, we have created over 2,000 jobs and assembled a unique offering of technical services and capabilities for our clients worldwide.”
Rick Magnuson, executive managing director of GI Partners, said, “We are proud to have partnered with Tracy Price and the exceptional management team at Linc in building the global leader in technical building services. This exit marks the successful culmination of years of teamwork between The Linc Group and GI Partners. We are also very pleased with the return we have delivered to our investors, which further demonstrates the success of our investment strategy.”
For more information about GI Partners, visit www.gipartners.com. For more information about ABM, visit www.abm.com. For more information about The Linc Group, visit www.thelincgroup.com.