GDI Integrated Facility Services Inc. Announces Strategic Acquisition of The BPAC Group, Inc.
LASALLE, QC, Jan. 6, 2021 /CNW Telbec/ - GDI Integrated Facility Services Inc. (TSX: GDI) (the "Company" or "GDI") is pleased to announce that its U.S. subsidiary, Ainsworth Inc. ("Ainsworth"), has concluded the acquisition of The BPAC Group, Inc. ("BP") effective January 1, 2021.
Founded in 1978, BP is one of the largest and most respected mechanical services providers in New York State, providing both retrofit and renovation services and a strong service call platform principally to the commercial sector, including many of the most recognized Class A office properties in New York City. With close to 200 employees, BP generated approximately USD$110 million in annual revenue in its most recent fiscal year.
"BP represents Ainsworth's first strategic acquisition in the U.S. market," stated Claude Bigras, President & CEO of GDI. "BP is a very strong business with an experienced management team and an excellent reputation in the industry. In addition to strengthening Ainsworth's existing U.S. operations, BP positions Ainsworth to expand its footprint into new markets in the United States both organically and through acquisition. John (Jack) Fanneron, President of BP and Steven Heiderstadt, President of BP's mechanical division, are seasoned operators who will assume leadership roles in Ainsworth's U.S. operations. I would like to welcome Jack, Steven and the entire BP team to the Ainsworth and GDI family," concluded Mr. Bigras.
"We are very excited about joining with Ainsworth," stated John (Jack) Fanneron, President of BP. "We have grown BP into one of the premiere providers of mechanical services in New York, and partnering with Ainsworth and GDI represents the next step in BP's strategic evolution. The entire team at BP is looking forward to the growth opportunities available from being part of the Ainsworth and GDI family."
ABOUT GDI
GDI is a leading 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, hotels, shopping centres, industrial facilities, healthcare establishments, distribution facilities, airports and other transportation facilities. GDI's commercial facility services capabilities include commercial janitorial, installation, maintenance and repair of HVAC-R, mechanical and electrical systems, as well as other complementary services such as damage restoration and 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.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to GDI's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee"; "confident"; "ensure" or other similar expressions concerning matters that are not historical facts. In particular, statements regarding GDI's and Ainsworth's future operating results and economic performance and its objectives and strategies, and the anticipated benefits of the BP acquisition are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities, which GDI believes are reasonable as of the current date. While management considers these assumptions to be reasonable, they may prove to be incorrect. It is impossible for GDI to predict with certainty the impact that the current economic uncertainties may have on future results. The matters addressed in these statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the risk that the existing and acquired business will not be integrated successfully, the risk that cost savings and synergies expected to result from the acquisition may not be fully realized or may take longer to realize than expected, disruption from the acquisition making it more difficult to maintain relationships with customers, employees or suppliers and the effect of general economic conditions. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While management may elect to, the Company is under no obligation and does not undertake to update or alter this information at any particular time, except as may be required by law.
SOURCE GDI Integrated Facility Services Inc.
