LASALLE, QC, Jan. 4, 2022 /CNW Telbec/ – GDI Integrated Facility Services Inc. (TSX:GDI) (the “Company” or “GDI”) is pleased to announce that its U.S. subsidiary GDI Integrated Facility Services USA Inc. has concluded the acquisition of IH Services, Inc. and its affiliates (“IH”) effective December 31, 2021.
Founded in 1955 with a head office in Greenville S.C., IH is one of the largest and most respected janitorial service providers in the Southeastern United States. With close to 8,000 employees, IH generated approximately USD$200 million in annual revenue in the twelve-month period ending August 30, 2021.
“We are extremely excited to welcome the IH team to GDI’s family,” stated Claude Bigras, President and CEO of GDI. “IH is a leader in the industry in the Southeastern USA and has operations spanning 29 states servicing predominantly the industrial, distribution and healthcare markets. IH is led by a strong and seasoned management team who will continue to operate the business and will become GDI’s regional leadership team covering the U.S. Southeast. The acquisition of IH represents a meaningful expansion of GDI’s U.S. business, significantly expanding our U.S. janitorial operations and geographic footprint. The purchase price multiple was within our customary range for large acquisitions, and we expect IH’s normalized adjusted EBITDA margin to be in-line with GDI’s long term margin objectives as best practices are shared and operating efficiencies are realized.”
“We are very excited about partnering with GDI,” stated Ryan Hendley, President and CEO of IH. “Since being founded by my father Dick Hendley in 1955, IH has grown into one of the largest facility services providers based in the Southeast and what we feel is one of the best companies in our industry. I am incredibly proud of the entire team at IH for building IH into the company it is today, and feel that GDI is the best partner for us because there is a strong business fit and we share the same culture and values. I am very much looking forward to working with GDI to continue the growth and success of our business.”