LASALLE,
QC, Feb. 1, 2024 /CNW/ - GDI Integrated
Facility Services Inc. ("GDI" or the "Company") (TSX:
GDI) is pleased to announce that it has entered into a definitive
agreement for the sale of its Superior Solutions Ltd.
("Superior") janitorial products distribution business to
Imperial Dade Canada ("Imperial Dade"). Superior's chemical
manufacturing business was not included in the transaction. Closing
of the transaction is expected to take place at the end of Q1
2024.
"I am pleased to announce the sale of Superior to
Imperial Dade," stated Claude
Bigras, President and CEO of GDI. "We successfully built
this business into one of the largest distributors of janitorial
products and equipment in Canada.
I feel that now is the opportune time for Superior to take the next
step in its strategic development under the leadership of Imperial
Dade, one of the largest and leading jan/san distributors in
North America. As part of the
transaction, we are keeping our chemical manufacturing business and
will continue to supply GDI's needs while also pursuing white label
manufacturing opportunities for which the business has experienced
recent success. Finally, I would like to thank the employees of
Superior for all of their hard work and dedication throughout the
years," concluded Mr. Bigras.
"On behalf of Imperial Dade, congratulations to
GDI and the Superior team for building a fantastic organization. We
are extremely excited to have worked alongside such a reputable
organization and are looking forward to this next chapter of
growth," said Jason Tillis, CEO of
Imperial Dade. "Superior's reputation in the industry and
exceptional customer service make it a great addition to the
Imperial Dade platform. Imperial Dade looks forward to building
upon its already established success and continuing to find ways to
better serve its customers and vendor partners," said Stephane Lapointe, President of Imperial Dade
Canada.
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.
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 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.