Cleveland, Oh., September 5, 2012 – GCA
Services Group, Inc. and Blackstone (NYSE: BX) today announced a definitive
agreement under which a fund managed by Blackstone on behalf of its private
equity investors, Blackstone Capital Partners V, L.P. (collectively with its
affiliates, “Blackstone”), will acquire GCA Services Group, a leading facility
services company in the U.S., from Nautic Partners, L.L.C. and other minority
Robert Norton, Chairman,
President and CEO of GCA Services Group said, “This transaction is a tremendous
opportunity to fuel our continued growth. We have transformed ourselves into
one of the country’s leading facility services companies in a few short years
and our new relationship with Blackstone demonstrates our management-led
commitment to continued dynamic growth which will energize our investment in
our people and our dedication to the highest quality service to our customers.”
Peter Wallace, Senior
Managing Director with Blackstone said, “Blackstone sees tremendous opportunity
for investing in leading companies within the business services sector, where
we have significant expertise. Blackstone is attracted to GCA’s leading market
position and rapid organic growth. We look forward to working with GCA’s
outstanding management team to continue to invest in the company’s growth.”
Bernie Buonanno, Managing
Director at Nautic Partners said, “We are excited about the proposed
transaction and the value it brings to a franchise that has been built by an
outstanding management team. We believe Blackstone will be an excellent partner
for GCA as the company extends its impressive track record of growth.”
The transaction is expected
to close in October subject to certain government approvals and other customary
Credit Suisse and Morgan
Stanley acted as M&A advisors to Blackstone and are providing financing for
the transaction. Simpson Thacher & Bartlett L.L.P. acted as legal counsel
Robert W. Baird & Co.
acted as lead financial advisor to GCA and Jefferies co-advised the company.
Calfee, Halter & Griswold L.L.P. acted as legal counsel to GCA.
To read the full press release at GCA, click here.