CBRE Pays $290M For Facilities Management Provider FacilitySource
CBRE Group has acquired facilities management specialist FacilitySource for about $290M in cash. The seller of the Columbus, Ohio-based company was private equity investor Warburg Pincus, which acquired FacilitySource in 2012.
FacilitySource started out as a software company in 2005, but after Warburg Pincus bought it, the company began managing service providers for landlords, particularly in the retail sector.
According to CBRE, the deal will help it build a tech-enabled supply chain capability. Namely, the buyer is getting its hands on FacilitySource’s proprietary service as a software technology platform, along with its FS Elite vendor development program and a dedicated 24/7 operations support center.
FacilitySource supports more than 120,000 client locations nationwide with its facilities management services and capital-improvement and energy-management projects, with a particular emphasis on large multisite portfolios.
FacilitySource offers services grounded in advanced analytics capabilities that tap into performance data gathered since its founding. The company has enjoyed consistent growth, most recently accepting a $500K grant from the state of Ohio to add 272 jobs at its Columbus HQ.
Last year, the company kicked off plans to expand at 200 East Campus View Blvd. in the Crosswoods area. FacilitySource invested $1.54M in building updates as well as machinery, equipment, furniture and information technology at the site, Columbus Business First reported.
“We built FacilitySource to unlock the power of data and change the facilities management industry," FacilitySource CEO Bill Hayden said in a statement. "Combining with CBRE enhances our ability to grow quickly, [and] serve large, complex client portfolios."