Gridiron Capital has completed its sale of Quality Solutions, an asset-light facilities services provider, to publicly-traded Cushman & Wakefield. Gridiron acquired Quality Solutions in February 2012.
Quality Solutions (QSI) provides on-demand facilities maintenance and other managed services to more than 110,000 locations by contracting with over 50,000 local facility service providers that offer electrical, handyman, and plumbing services. The company, led by CEO Eric Crabb, is headquartered near Wichita in Colwich, KS (www.qsifacilities.com).
During Gridiron’s ownership, QSI expanded its market share through both organic growth and multiple add-on acquisitions. The company grew its customer base, expanded into new service verticals, and added new facility service providers. “Gridiron Capital’s support enabled us to take a dramatic step forward as a business,” said Mr. Crabb. “The firm supported QSI in enhancing a best-in-class management team, bringing experienced industry executives to our Board of Directors, and helping us uncover accretive add-on opportunities to supplement our organic growth. We are a stronger company today as a result of this partnership.”
“We have enjoyed partnering with the QSI management team the past six years and are proud of their significant growth, the platform capabilities they have built, and their success in becoming an industry leader,” said Gridiron Capital Co-Founder and Managing Partner Tom Burger. “Cushman & Wakefield has acquired a great business with capabilities among the best in the industry.”
Cushman & Wakefield (NYSE: CWK) is one of the largest providers of commercial real estate services in the world with annual revenues of more than $6 billion. The firm is headquartered in New York and operates in more than 70 countries and has 48,000 employees (www.cushmanwakefield.com). The acquisition of QSI will expand Cushman & Wakefield’s facility management capabilities across North American markets.
Gridiron Capital invests in manufacturing, service and specialty consumer companies that have EBITDAs from $8 million to $50 million. Sectors of interest include branded consumer, B2B and B2C services, and niche industrial. In October 2016, Gridiron held a final closing of the firm’s third fund, Gridiron Capital Fund III LP, at the hard cap of $850 million. The firm is based in New Canaan, CT (www.gridironcapital.com).
Piper Jaffray was the financial advisor to QSI on this transaction.
© 2019 Private Equity Professional | January 3, 2019
