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TheStreet Open House

ABM To Acquire Provider Of Aviation Facility Management Services

ABM (NYSE:ABM), a leading provider of integrated facility solutions, today announced a definitive agreement to acquire Air Serv Corporation for approximately $158 million in cash, subject to certain closing adjustments. Air Serv, when combined with ABM’s Janitorial, Facility Solutions, Security and Parking airport businesses, will significantly expand ABM’s capabilities in servicing the end-to-end needs of the airlines and airport authorities and will create an integrated aviation vertical with over $650 million in annual revenues.

Founded in 2002, Air Serv employs approximately 12,000 employees worldwide and is a leading provider of integrated facility management services for the world’s leading airlines and freight companies at airports throughout the United States and United Kingdom. The rapidly growing company provides a range of janitorial, passenger, security services and transportation services to over 50 airports, including 27 of the top 40 markets in the U.S. and 12 of the top 30 airports worldwide, and is the global leader in wheelchair, baggage handling and skycap services. Air Serv generates annual revenues of approximately $300 million.

"We are excited by the potential Air Serv brings both ABM and its clients,” said Henrik Slipsager, President and Chief Executive Officer of ABM. “We have high expectations for the business and our strategic move toward industry verticals. This acquisition provides a unique opportunity to greatly enhance our aviation capabilities and establish ABM as the industry leader in this vertical, as well as provide solid long term growth opportunities. By combining ABM and Air Serv, we will create an aviation vertical with over $650 million in annual revenue and will be in an outstanding position to meet the end-to-end needs of the airlines and airport authorities. In addition, the U.K. operations will enable us to further grow the aviation vertical internationally and will serve as a strategic base as we seek to expand our global presence in other verticals. Upon closing, the current leadership team at Air Serv will serve as the foundational framework for the aviation vertical. We are very pleased to have Air Serv join ABM and take the lead in providing integrated facility solutions for our aviation clients.”

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