Bidvest Group Limited (“Bidvest”) is pleased to announce it has completed an agreement with Alchemy Partners LLP, the majority shareholder in NOONAN, and management, which will see Bidvest acquire the entire shareholding in NOONAN for a consideration of €175 million.
The transaction is subject to approval from the South African Reserve Bank and is expected to close in Q3 2017.
The existing management team, led by CEO John O’Donoghue, will continue to lead NOONAN, building on the successes achieved in recent years.
NOONAN is a leading provider of facilities management services which operates across its targeted geographic markets of the UK and Ireland. Its services include Facilities Management, Technical Services, Security Services, Cleaning Services, Environmental Services and Ancillary Services. The company employs over 13,000 people.
Headquartered in South Africa, Bidvest is a diversified publicly listed services, trading and distribution company, employing over 114,000 people across its divisions.
Bidvest’s existing facilities management model comprises both hard and soft services and the company has a strong reputation for the quality of its services and its track record in securing high profile outsourcing contracts in its core markets in South Africa.
NOONAN’s strong market positioning and positive trading performance has in recent years been underpinned by a programme of continuous investment, service enhancement and organic and acquisition led growth, which has in recent years seen NOONAN acquire a number of businesses such as Resource Group, Federal Security and the Security Services Division of Brink’s in Ireland.
Lindsay Ralphs, CEO of Bidvest Group, said: “We are delighted to have completed this acquisition, which provides us with a unique opportunity and platform to establish a strong presence in the Irish and UK markets. NOONAN has an excellent team of people who share our passion and reputation for professionalism, innovation and excellence in the way we deliver service to our clients. We believe there is a great market opportunity to grow the business further and look forward to working with the NOONAN team to build on the successes they have achieved in recent years to drive superior business performance, grow market share and expand services to clients.”
John O’Donoghue, CEO of NOONAN, said: “I would like to welcome Bidvest as our new owners. Our strategy and the substantial investment in our business and brand, coupled with the strong commitment of management and our employees, have allowed us to consistently outperform the market and to continuously enhance the services we provide to our clients.
We are now delighted to have attracted a new owner of the scale and calibre of Bidvest, committed to the long-term growth and development of the company and sharing our passion for professionalism, innovation and excellence in the way we deliver services to our clients. We look forward to working with them in realising our joint ambition for the business and to capitalise on the significant opportunities in our sector and key markets.”