- Companies said to pay $950 million for GCA, including debt
- GCA provides custodial services to about 900 clients
Goldman Sachs Group Inc.’s private-equity unit and Thomas H. Lee Partners agreed to buy GCA Services Group, a custodial-services provider, from Blackstone Group LP.
The deal was $950 million including debt, according to a person briefed on the transaction who asked not to be identified because the matter isn’t public. Terms weren’t disclosed in a joint statement Monday announcing the acquisition, which is expected to be completed in the first quarter of 2016.
GCA has more than 37,000 employees and provides cleaning services to about 900 clients in the U.S. and Puerto Rico, including schools, manufacturers and corporate office buildings. The Cleveland-based company was started in 2003 and acquired by asset-manager Blackstone nine years later.
GCA has “built a strong culture of safety and customer service, and a track record of growth,” Chris Crampton, a Goldman Sachs managing director, said in the statement.
Harris Williams & Co. advised Blackstone and GCA, while Simpson Thacher & Bartlett LLP provided legal counsel, according to the statement. Kirkland & Ellis LLP was legal adviser to Goldman Sachs and Thomas H. Lee, a Boston-based private-equity firm.