Bidvest has acquired 100% of Irish facility management company Noonan for R2.7 billion, it said in a shareholder statement on Monday.
According to the agreement, Bidvest will acquire 100% of Noonan from Alchemy Partners as well as Noonan’s current management team for R2.7 billion, pending Reserve bank approval.
Noonan, which is based and operates throughout the Republic of Ireland, is aimed at delivering integrated facility management (FM) services and solutions. Its services include soft, technical and ancillary services, and range from cleaning and security to building services and facilities management.
“The Acquisition of Noonan is in line with Bidvest’s stated strategic intent to expand its presence beyond South Africa in niche, asset light businesses that will benefit from Bidvest’s capabilities and expertise,” said Bidvest.
“Noonan employs more than 13,000 people and also operates throughout the United Kingdom, from where 40% of its revenue is derived. Over the years, Noonan has developed a vertically- focused, client-centric business model that allows for successful expansion in the large FM market.”
“Within the fragmented and broad FM market, Noonan targets medium-sized clients within its focus industries. Various external industry research forecast the FM market to grow between 4-4.5% over the next five years.”