Serco Acquires Facilities First Australia
Anchorage Capital Partners (“ACP”) is pleased to announce that it has completed the sale of 100% of Facilities First Australia (“FFA”) to Serco Group plc (“Serco”), the international provider of services to governments.
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FFA is a leading provider of maintenance services and commercial cleaning for customers across government, education, healthcare, retail, corporate, entertainment, and hospitality sectors in Australia. On acquisition by ACP in September 2017, the business represented a strong platform with a national presence in the stable but fragmented facilities maintenance and cleaning industry. However, business operations had been restricted by a complicated ownership structure and ACP identified a number of initiatives to improve and diversify business quality and operating efficiency.
Simon Woodhouse, ACP Managing Director and FFA Chairman said “through new contract wins and business acquisitions across complementary service lines and sector exposures, the quality and diversity of FFA’s business has improved significantly under ACP’s ownership. The FFA management team, in partnership with ACP, have also invested in business processes and systems resulting in improved operating efficiency”.
“ACP is pleased that Serco recognised the strategic benefit of FFA, enabling it to broaden the range of services Serco Australia offers, build further expertise in existing sectors and provide access to a large pipeline of bidding opportunities. We look forward to seeing FFA continue to grow under Serco’s ownership.”
ACP was advised by Investec, MinterEllison and KPMG.
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