Arlington Capital Partners to Sell J&J Worldwide Services to CBRE
05 Febrero 2024 - 7:20AM
Business Wire
Achieving significant organic growth during its
four-year partnership with Arlington, J&J is well-positioned
under CBRE’s stewardship to continue its growth trajectory
Arlington Capital Partners (“Arlington”), a Washington,
D.C.-area private investment firm specializing in government
regulated industries, today announced it has agreed to sell J&J
Worldwide Services (“J&J” or the “Company”) to CBRE Group Inc.
(NYSE: CBRE). J&J is a leading provider of essential,
preventative maintenance activities to the U.S. Federal Government
with over 250 hospitals, clinics and military installations and
3,300 employees globally. The purchase price will be up to $1.05
billion, including $800 million of upfront cash and up to $250
million of contingent consideration subject to meeting certain
performance thresholds.
Founded in 1970 and headquartered in Franklin, Tennessee,
J&J has a comprehensive portfolio of facility support offerings
for federal government and healthcare facilities, including aseptic
cleaning, maintenance and engineering services, as well as a
diverse range of facility management, operational support and
integrated asset management services for US Department of Defense
military hospitals and bases.
Michael Lustbader, a Managing Partner at Arlington, said,
“During our partnership, J&J has achieved significant organic
growth by winning large, transformational and critical contracts at
facilities where failure is simply not an option for the United
States. We are proud to have extended J&J’s 50-year history of
continuous organic growth under our ownership. CBRE’s leadership in
real estate services and global footprint position them to be an
excellent home for J&J to build upon its achievements. J&J
represents a prime example of Arlington’s ability to invest in
founder-owned businesses and accelerate their growth through our
industry expertise and network of world-class executives.”
“It was vital for us to continue the legacy and culture that the
Voudouris family worked tirelessly to build. Our partnership with
Arlington allowed us to stay true to these core values while
accelerating organic growth in all parts of our business,”
commented Steve Kelley, CEO of J&J. “Over the last four years
and with excellent guidance from Arlington, we have been able to
make great strides in further realizing our full potential through
increasing our global reach and footprint as well as bringing our
unique capabilities to a broader set of customers. The management
team and I are excited for our future with CBRE and the
opportunities ahead for our combined organizations.”
Gordon Auduong, a Principal at Arlington Capital Partners,
added: “J&J continues to prove itself as a highly durable
industry leader, and its unparalleled commitment to its customers’
success has led to superior performance in support of U.S. Federal
Government infrastructure. We are excited to see how J&J and
CBRE will continue to benefit from the secular tailwinds we
identified during our initial investment and believe under CBRE’s
stewardship that J&J is well-positioned to continue building on
its success.”
Closing of the acquisition is subject to obtaining applicable
regulatory clearances and other customary closing conditions.
Closing is expected in the coming months.
J.P. Morgan Securities LLC is serving as financial advisor to
J&J and Sheppard Mullin Richter & Hampton LLP is serving as
legal advisor to J&J and Arlington Capital Partners. Citi is
serving as financial advisor to CBRE and Simpson Thacher &
Bartlett LLP and ArentFox Schiff LLP are serving as legal
advisors.
About J&J Worldwide Services
J&J Worldwide Services (J&J) provides World–Class
facility services to the United States Federal Government and
civilian customers through its Healthcare & Medical Solutions,
Mission Support Solutions, and Engineering Solutions business
segments. Since 1970, J&J has developed a comprehensive
portfolio of aseptic cleaning and maintenance services for military
hospitals and clinics as well as a wide array of facility
management, operational support, and integrated asset management
services for Department of Defense (DoD) military bases. J&J
has built a 50–year legacy supported by a more than 3,300–employee
global workforce in locations throughout the Contiguous United
States (CONUS), Alaska, Hawaii, U.S. Territories and Outside of the
Contiguous United States (OCONUS) (Diego Garcia, Thailand, Germany,
Italy, Belgium, Spain, Philippines, United Kingdom, Guam, and South
Korea). To learn more about J&J Worldwide Services, visit:
https://www.jjwws.com/
About Arlington Capital Partners
Arlington Capital Partners is a Washington, D.C.-area private
investment firm specializing in government regulated industries.
The firm partners with founders and management teams to build
strategically important businesses in the aerospace and defense,
government services and technology, and healthcare sectors. Since
its inception in 1999, Arlington has invested in over 150 companies
and is currently investing out of its $3.8 billion Fund VI. For
more information, visit Arlington’s website at www.arlingtoncap.com
and follow Arlington on LinkedIn.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500
company headquartered in Dallas, is the world’s largest commercial
real estate services and investment firm (based on 2022 revenue).
The company has approximately 115,000 employees (excluding Turner
& Townsend employees) serving clients in more than 100
countries. CBRE serves a diverse range of clients with an
integrated suite of services, including facilities, transaction and
project management; property management; investment management;
appraisal and valuation; property leasing; strategic consulting;
property sales; mortgage services and development services. Please
visit our website at www.cbre.com. We routinely post
important information on our website, including corporate and
investor presentations and financial information. We intend to use
our website as a means of disclosing material, non-public
information and for complying with our disclosure obligations under
Regulation FD. Such disclosures will be included in the Investor
Relations section of our website at https://ir.cbre.com.
Accordingly, investors should monitor such portion of our website,
in addition to following our press releases, Securities and
Exchange Commission filings and public conference calls and
webcasts.
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Kelsey Clute Arlington Capital Partners 7272 Wisconsin Avenue,
15th Floor Bethesda, MD 20814 (202) 337-7500
Ryan Fitzgibbon Prosek Partners Pro-arlington@prosek.com
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