Cerberus Capital Management LP has agreed to acquire Oceanside, California-based Kellermeyer Bergensons Services LLC, a provider of tech-enabled, integrated facility management services. The seller is GI Partners. No financial terms were disclosed.
NEW YORK–(BUSINESS WIRE)–Cerberus Capital Management, L.P. (“Cerberus”), a global leader in alternative investing, today announced that one of its affiliates has entered into a definitive agreement to acquire Kellermeyer Bergensons Services, LLC (“KBS” or the “Company”) from affiliates of GI Partners.
Headquartered in Oceanside, California, KBS is a leading provider of technology-enabled, integrated facility management services to customers across North America. With its differentiated technology and comprehensive suite of facility services, the Company delivers high-quality and cost-effective solutions to customers in the industrial, commercial, logistics, retail, and grocery sectors.
“This is an exciting opportunity to partner with a market-leading business supported by a tech-enabled platform,” said Robert Warden, Co-Head of Private Equity and Senior Managing Director at Cerberus. “With its full-suite of solutions and leading technological capabilities, KBS has become the partner of choice for customers in the facility services industry. We believe there are attractive opportunities ahead for the Company and look forward to working alongside Mark and the talented KBS team to further build on its success.”
Mark Minasian, Chief Executive Officer of KBS, commented, “We thank GI Partners for supporting the expansion of our business over the past five years. As we enter the next phase of our evolution, we are very excited to be partnering with Cerberus. Their global scale, deep expertise in services, and unmatched operating resources will position KBS better than ever to continue to lead commercially, creating opportunity and value for years to come. Importantly, we will remain unwavering in our focus on delivering high-quality solutions and services to our customers.”
Hoon Cho, Managing Director at GI Partners, said, “We are extremely gratified by the success of KBS during our five-year ownership and working with Mark and the KBS management team to build a leading platform serving a number of growing industries. Leveraging our experience from investments in the technology and facilities management sector, we were able to align with management to create a company with greater scale, enhanced capabilities, and immense future potential.”
Terms of the transaction were not disclosed. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2019.
Founded in 1992, Cerberus is a global leader in alternative investing with over $40 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.
Kellermeyer Bergensons Services, LLC (KBS) is a leading North American provider of technology-enabled, integrated facility management services to the industrial, commercial, logistics, retail, and grocery sectors. With more than 64,000 active customer locations in all 50 U.S. states, Canada, and Puerto Rico, KBS sets the industry standard for delivering consistently high-quality and cost-effective facility service solutions. For more information on Kellermeyer Bergensons Services, please visit www.kbs-services.com.
About GI Partners
Founded in 2001, GI Partners is a private investment firm based in San Francisco, California. The firm has raised over $18 billion in capital from leading institutional investors around the world to invest in private equity, real estate, and data infrastructure strategies. The private equity team invests primarily in companies in the Healthcare, IT Infrastructure, Services, and Software sectors. The real estate team invests across a broad range of platforms and strategies. The data infrastructure team invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information on GI Partners and its entire portfolio, please visit www.gipartners.com.