Morrison & Foerster advised Able Services, a leading facilities services company headquartered in San Francisco, in connection with its sale to ABM Industries (NYSE: ABM) (“ABM”), a leading provider of facility solutions, in a cash transaction valued at $830 million. The transaction is expected to close in September.
Founded in 1926, Able is a major provider of building maintenance, engineering, and facility operations in the United States, with revenues of $1.1 billion. Able’s 80% unionized workforce provides facility services to over one billion square feet of real estate, strengthening ABM’s national presence. The acquisition will also bolster ABM’s engineering and technical services, which are expected to generate almost $2 billion of combined annualized revenue, and expand ABM’s sustainability and energy efficiency offerings amid growing demand for environmentally responsible solutions.
The MoFo deal team was led by Palo Alto corporate partner and co-chair of the firm’s Private Funds Group Paul ‘Chip’ Lion III and San Francisco corporate partner and recently appointed chair of the M&A committee of the Business Law Section of the ABA, Michael O’Bryan, together with Palo Alto corporate associates Shannon Sibold, Ophir Gam, and Katherine Suzuki. The wider team included Washington, D.C. antitrust partner Vishal Mehta and associates Eric Olson and Haydn Forrest, San Francisco executive compensation partner Amanda Hines Gold, New York tax partner Anthony Carbone and associate Philip Jaworskyj, and San Francisco employment partner Eric Akira Tate and associate Kwan Park.
Read more about the transaction in ABM’s press release.