LockeBridge Capital Partners, a leading middle market Boston area investment bank, advising on mergers, acquisitions, divestitures, valuations and capital raises, announced today that it has acted as the exclusive financial advisor to American Maintenance, Inc. on its sale to Kellermeyer Bergensons Services, LLC (“KBS”).
Located in New York, since 1975 American Maintenance has been providing integrated facility services including janitorial, grounds maintenance, event cleaning and floor maintenance. With over 1200 people the Company services various markets including education, transportation, sporting venues, industrial and office buildings.
Chris Alex, American Maintenance CEO, commented, “The sale to KBS is extremely synergistic and will offer our customers access to more services. LockeBridge’s expertise in the facility services vertical was a significant asset from day one, as we were privileged to receive offers from the leading strategic buyers in multiple countries. Their sophisticated financial analysis and representations mitigated much of the COVID related risk enabling a very favorable transaction structure.”
MaryAnn Foran, American Maintenance CFO, stated, “The direction that LockeBridge provided with the financial representations was invaluable. Normalizing for COVID related revenue and expenses was no easy task, but with LockeBridge’s support we were able to clearly demonstrate both baseline financial performance and the substantial positive impact resulting from the pandemic.”
Scott Waxler, LockeBridge Managing Partner, stated, “The American Maintenance transaction is the sixth facility services company we have advised in the last three years. Even with our deep experience in the facility services vertical, the challenge represented by the pandemic to comprehensively analyze and identify sustainable profits from those which may be non-recurring was significant. The teams ability to credibly do so resulted in de-risking the transaction and achieving a preferred transaction structure. We are confident that the combination of KBS and American Maintenance will provide more cost effective and comprehensive services to their mutual world class customer base.”