This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

ABM Acquires TEGG Franchise Operations

Stocks in this article: ABM

ABM (NYSE:ABM), a leading provider of integrated facility solutions, today announced that Linc Network, LLC, a subsidiary of ABM Facility Solutions, has acquired the franchise operations of TEGG Corporation, an expansive network delivering comprehensive electrical service and preventive and predictive maintenance solutions to commercial and industrial facilities. TEGG’s franchise network, concentrated mainly in North America, spans 19 countries – expanding ABM’s international reach, increasing its service network and supporting the Company’s vision of becoming the global leader in integrated facility solutions.

“TEGG is a perfect fit for ABM," said Scott Giacobbe, President of ABM Building and Energy Solutions. "Our business philosophies, strategies, processes and commitment to clients are very similar. This allows us to quickly leverage TEGG’s proven service product and delivery method to broaden ABM’s existing vertical and geographic market offerings by increasing the services, geographic presence and added value we bring to our clients. The acquisition strategically positions us to expand our capabilities in electrical services and complements our existing mechanical footprint, helping us to provide our clients with more comprehensive solutions to meet and exceed their facility needs.”

Over the last twenty years, TEGG’s franchisees have protected commercial and industrial facilities from electrical system failures, electrical fires and resultant business interruptions and property damage. TEGG’s franchisees offer guaranteed services with an extensive list of features including infrared thermograpy and ultrasonic inspections, de-energized services and electrical systems analysis and reporting. Through the acquisition of the TEGG franchise network, ABM will expand its electrical services to include electrical preventive and predictive maintenance solutions.

The acquisition of TEGG’s franchise network also strengthens ABM’s new division, ABM Franchising Group, which includes Linc Network, one of the world’s largest, leading commercial HVAC contractor networks, and GreenHomes America (GHA), a national provider of home performance contracting. The acquisition also includes the franchise operations of CurrentSAFE, a TEGG subsidiary. CurrentSAFE is a national residential electrical safety franchisor that will be highly complementary to GHA. The Chief Operating Officer of Linc Network and GreenHomes America, Bert Kendall, will oversee the ABM Franchising Group, which will now add TEGG and CurrentSAFE franchise operations to its expanding portfolio of businesses.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs