GDI Integrated Facility Services Inc (TSX: GDI) has completed its previously announced going public transaction that combined it with Medwell Capital Corp. The company also closed a concurrent public offering that will give it gross proceeds of $150.4 million. As a result, GDI, a janitorial and related services provider with headquarters in Montréal, commenced trading on the Toronto Stock Exchange under the symbol “GDI.” Both GDI and Medwell have been portfolio investments of Canadian private equity firm Birch Hill Equity Partners. The investor is expected to obtain over $100 million of offering proceeds and remain a backer of the publicly-listed company. Birch Hill invested in GDI in 2012.
GDI Integrated Facility Services Inc. Completes Arrangement and $150.4 Million Public Offering
MONTRÉAL, QUÉBEC–(Marketwired – May 14, 2015) –
GDI Integrated Facility Services Inc. (“GDI” or the “Company”) (TSX:GDI), formerly known as “Medwell Capital Corp.”, is pleased to announce the completion of the arrangement previously announced on April 1, 2015 (the “Arrangement”). Concurrently with the closing of the Arrangement, the Company also completed the previously announced concurrent public offering (the “Offering”) of 9,400,000 subordinate voting shares of the Company (the “Subordinate Voting Shares”) at a price of $16.00 per Subordinate Voting Share for gross proceeds of $150,400,000. The Subordinate Voting Shares will commence trading on the TSX at the opening of the market today under the symbol “GDI”.
The Offering was underwritten by a syndicate of underwriters bookrun by TD Securities Inc. and National Bank Financial Inc., co-led by Desjardins Securities Inc., and including GMP Securities L.P., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc. and Merrill Lynch Canada Inc. (collectively, the “Underwriters”). The Underwriters have been granted an over-allotment option, exercisable in whole or in part, at the sole discretion of the Underwriters, to purchase from the Company up to an additional 705,000 Subordinate Voting Shares of the Company (representing 7.5% of the Subordinate Voting Shares offered pursuant to the Offering) at a price of $16.00 per Subordinate Voting Share.
About GDI Integrated Facility Services Inc.
GDI is a leading North American commercial janitorial services provider which offers a range of commercial cleaning services to owners and managers of a wide variety of facility types such as office buildings, hotels, shopping centres, industrial facilities, airports and other transportation facilities, and healthcare establishments in Canada and the United States. GDI also provides complementary services such as mechanical maintenance services, damage restoration services, and janitorial and sanitation supplies to clients in certain regions in Canada. GDI’s services are used by the majority of the largest multi-property owners or managers in Canada and by an increasing number of clients in the United States.
Additional information concerning GDI can be found on its website at www.gdi.com.
The securities of the Company being offered have not been, nor will be, registered under the U.S. Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This news release does not constitute an offer or sale of securities in the United States.
Pierre Gagne, Chief Financial Officer
514-368-1504 (toll free : 1-888-981-9761)
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