31 July 2017 | Martin Read
Bidvest Group has acquired FM service provider Noonan for a consideration of 175 million.
The deal, in which Bidvest acquires all of the shares in Noonan, is subject to approval from the South African Reserve Bank and expected to close in Q3 2017. Noonan's existing management team, led by CEO John O'Donoghue, will continue in post.
Headquartered in South Africa, Bidvest currently employs more than 114,000 people across its divisions.
Noonan operates across the UK and Ireland providing technical, security, cleaning, environmental and ancillary services. It employs more than 13,000 people. In recent years, Noonan has acquired number of businesses including Resource Group, Federal Security and the security services division of Brink's in Ireland.
Lindsay Ralphs, CEO of Bidvest Group, explained that the acquisition of Noonan "provides us with a unique opportunity and platform to establish a strong presence in the Irish and UK markets".
John O'Donoghue, CEO of Noonan, said he was looking forward to working with Bidvest "in realising our joint ambition for the business and to capitalise on the significant opportunities in our sector and key markets".