Canadian mid-market private equity firm Birch Hill Equity Partners Management has extended the length of its investment in GDI Integrated Facility Services, a Lasalle, Quebec-based facility cleaning and maintenance company. The deal had a total value of C$209 million. Birch Hill first invested in GDI in 2012.
LASALLE, QC, June 4, 2020 /CNW Telbec/ – GDI Integrated Facility Services Inc. (“GDI” or the “Company”) (TSX: GDI) is pleased to announce that Birch Hill Equity Partners Management Inc. (“BHEPMI”) has extended its investment in GDI through purchase and sale transactions concluded between BHEPMI and its affiliated funds.
BHEPMI, as general partner of each of Birch Hill Equity Partners V, LP, Birch Hill Equity Partners (US) V, LP and Birch Hill Equity Partners (Entrepreneurs) V, LP (collectively, the “Fund V LPs”), entered into a purchase agreement dated June 3, 2020 together with Birch Hill Equity Partners IV, LP, Birch Hill Equity Partners (US) IV, LP and Birch Hill Equity Partners (Entrepreneurs) IV, LP (collectively, the “Fund IV LPs”) and the Fund V LPs pursuant to which, among other things, the Fund V LPs agreed to purchase, and the Fund IV LPs agreed to sell, all of the multiple voting shares (“MVS”) and subordinate voting shares (“SVS”) beneficially owned by the Fund IV LPs in the capital of GDI, being an aggregate of 6,115,111 MVS and 312,496 SVS (collectively, the “Purchased Shares”), for a total purchase price of $208,961,503.57, or $32.51 per Purchased Share.
“BHEPMI has been an important stakeholder and strong supporter of our business ever since their initial investment in GDI in January 2012,” stated Claude Bigras, GDI’s President and CEO. “BHEPMI is demonstrating a renewed commitment to our business and continued belief in GDI’s long-term vision by transferring their holdings from the Fund IV LPs, which are nearing the end of their investment horizon, to the Fund V LPs.”
An early warning report describing the transactions will be electronically filed with the applicable securities commission in each jurisdiction where GDI is reporting and will be available on SEDAR at www.sedar.com.
GDI is a leading integrated commercial facility services provider which offers a range of services in Canada and the United States to owners and managers of a variety of facility types including office buildings, educational facilities, industrial facilities, healthcare establishments, stadiums and event venues, hotels, shopping centres, distribution facilities, airports and other transportation facilities. GDI’s commercial facility services capabilities include commercial janitorial and building maintenance, the installation, maintenance and repair of HVAC-R, mechanical, electrical and building automation systems, as well as other complementary services such as janitorial products manufacturing and distribution. GDI’s subordinate voting shares are listed on the Toronto Stock Exchange (TSX: GDI). Additional information on GDI can be found on its website at www.gdi.com.