Keystone Builds In Facilities Services

Keystone Capital has added a new CEO to its facilities services platform, Jobs Building Services, and has announced the add-on acquisition of April Building Services (ABS). Keystone acquired JOBS in June 2019 and closed the buy of ABS in December 2019.

Houston-based Jobs Building Services operates under the JOBS and AMST (Aluminum Maintenance Systems of Texas) trade names and specializes in high-rise façade maintenance (including window cleaning and waterproofing), metal surface maintenance, and elevator cab interior refurbishment.

According to the company, it has the number one market share position in the Houston metropolitan area and is active in other Texas cities including San Antonio, Austin, Corpus Christi, Beaumont, and Galveston. The company was founded in 1973 by CEO LaRue Coleman.

Earlier this month, Keystone hired Eric Crabb as the new chief executive officer of JOBS. Before joining JOBS, Mr. Crabb was an executive managing director with Cushman & Wakefield. Earlier, Mr. Crabb was the CEO of QSI Facilities, a Wichita-based asset-light facilities services provider and a portfolio company of Gridiron Capital that was sold to Cushman & Wakefield in January 2019.

Mr. Coleman will now assume the role of chairman of the board of JOBS and he will remain active with key customers as well as with the company’s acquisition strategy.

“There is a great opportunity for consolidation in our industry,” said Mr. Coleman. “In pursuing a transaction last year, our goal was to find a financial partner and management structure to enable our company to lead this consolidation but also to protect what has made our company successful. We believe we found an ideal partner in Keystone and an ideal CEO to lead us through this next phase in Eric Crabb.”

Last December, JOBS completed the acquisition of April Building Services, a provider of façade maintenance services to many of the high-rise buildings in Dallas and Fort Worth.

“Keystone is excited to partner with LaRue Coleman, Eric Crabb and the team at JOBS,” said Jason Van Zant, a managing director of Keystone. “JOBS has a stellar reputation in its market which we are committed to protecting. At the same time, we see great opportunity to grow the business substantially, and the entire management team shares that goal.”

JOBS and Keystone are actively seeking add-on acquisitions within the commercial facilities services and maintenance industry.

Keystone Capital invests in middle-market companies with EBITDAs of $2 million to $15 million. Sectors of interest include professional services and consulting, business services, industrial technology and manufacturing, food and beverage, and consumer products. The firm was founded in 1994 and is based in Chicago.

Private Equity Professional | June 26, 2020