CAPE TOWN - Bidvest is in the transactional process of acquiring Noonan, an integrated facilities management group for EUR175 million.
The Republic of Ireland based Noonan offers services including: security services, cleaning services, strategic outsourcing and ancillary services to name a few.
The statement issued by Bidvest reads: “The sharing of experience, knowledge and infrastructure between Bidvest and Noonan will enable exciting future growth in this expanding sector.”
It is said that the acquisition achieves Bidvest’s investment criteria and is line with Bidvest’s stated intention to grow internationally.
Bidvest revealed that the acquisition is subject to South African Reserve Bank approval.
Bidvest Chief Executive Officer, Lindsay Ralphs, commented, “This is an exciting and groundbreaking acquisition for Bidvest. Following the unbundling of our food services business last year, we have said that we intend pursuing a strategy of acquisitions that will provide geographic diversification for certain of our core businesses. This acquisition achieves that objective and fits neatly into our criteria for growth and value enhancement.”
Ralphs added, “Noonan has a similar foundation to that of our Bidvest Services division, which is today a formidable business. Noonan’s business model is complementary and several learnings can be shared, and enhanced, which will ultimately improve the future.”
Nanoon is currently owned by Alchemy Partners, a British private equity firm, with operations from United Kingdom as well, from which its 40% revenue is generated.