LASALLE,
QC, Oct. 16, 2023 /CNW/ - GDI Integrated
Facility Services Inc. (TSX: GDI) (the "Company" or
"GDI") is pleased to announce that it has agreed to enter
into a memorandum of understanding ("MOU") with La
Financière Atalian ("Atalian") to cooperate in the pursuit
and provision of integrated commercial facility maintenance
services for international client opportunities in their respective
geographies, Atalian operating in Europe and GDI in North America. Along with the MOU, GDI's U.S.
subsidiary GDI Services Inc. has signed a Purchase Agreement for
the acquisition of Atalian's facility services business located in
the United States ("Atalian
USA").
Atalian is a leading integrated commercial facility services
provider headquartered in France
with operations in over 20 countries. Atalian generated €2.1
billion in revenue in F2022 and currently counts over 70,000
employees servicing more than 21,000 clients. Atalian USA was established through four acquisitions
between 2017 and 2019 and currently has over 2,500 employees with
operations concentrated in the US Northeast, Midwest and
Mid-Atlantic.
"We are extremely excited to establish this global collaboration
agreement with Atalian," stated Claude
Bigras, President and CEO of GDI. "Atalian is a leader in
the integrated commercial facility services sector and has an
extensive footprint in Europe.
This MOU brings together the strength of two leading integrated
commercial facility services companies that have transatlantic
capabilities to pursue and service clients with international real
estate portfolios. Atalian USA
will join GDI which will solidify GDI's Business Services platform
in the United States while also
enabling us to enter into new geographies like New York City, Ohio and Missouri."
"We are very excited about the opportunity to cooperate with GDI
and we are looking forward to bringing value to our clients though
our partnership," stated Maximilien
Pellegrini, CEO of Atalian. "We have known the principals of
GDI for many years and feel that they will be a strong partner for
Atalian in North America. We look
forward to working on new opportunities together."
Closing of the acquisition, which will be financed by GDI's
existing credit facilities, is expected to take place on
October 31, 2023, and is subject to
customary closing conditions.
ABOUT GDI
GDI is a leading integrated 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,
educational facilities, distribution centers, industrial
facilities, healthcare establishments, stadiums and event venues,
hotels, shopping centres, airports and other transportation
facilities. GDI's commercial facility services capabilities include
commercial janitorial and building maintenance, energy advisory and
system optimization, the installation, maintenance and repair of
HVAC-R, mechanical, electrical and building automation systems, as
well as other complementary services such as 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.
ABOUT ATALIAN
Atalian is one of the world's largest independent integrated
services providers in facility management. With a turnover of
2 billion euros (2022), more than
70,000 employees in 20 countries across, and more than 21,000
clients in the public and private sectors, Atalian offers cleaning,
security, and technical services as well as energy management,
compliance, catering and front of house.
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"; "ensure" or other
similar expressions concerning matters that are not historical
facts. In particular, statements regarding GDI's future operating
results and economic performance and its objectives and strategies
along with the anticipated benefits of the MOU and the acquisition
of Atalian USA 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 based on information
currently available to the Company, 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.
Forward-looking information is also subject to certain factors,
including risks and uncertainties (described in the "Risk Factors"
section) that could cause actual results to differ materially from
what GDI currently expects. Namely, these factors include risks
pertaining to unsuccessful implementation of the business strategy,
inherent operating risks of acquisition activity, failure to
integrate, decline in commercial real estate occupancy levels,
increase in costs which cannot be passed on to customers, labour
shortages, disruption in information technology systems and
execution issues with Strategic IT projects, increases in interest
rates, deterioration in general economic conditions, prolonged
armed conflict in Ukraine,
COVID-19 and related pandemic, increase in competition, influence
of the principal shareholders, loss of key or long-term customers,
public procurement laws and regulations, legal proceedings,
reputational damage, labour disputes, environmental, social and
governance (ESG) considerations, goodwill and long-lived assets
impairment charges, tax matters, dependence on key employees,
participation in multi-employer pension plans, legislation or other
governmental action, exchange rate fluctuations, disputes with
franchisees, cybersecurity and data protection, data
confidentiality, and public perception of our environmental
footprint, many of which are beyond the Company's control.
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.