Bessemer Investors has acquired W Services Group, a provider of multi-site maintenance services.
W Services Group, founded in 2009 by CEO Matthew Whelan and headquartered in Hauppauge, New York, specializes in vendor-managed facility maintenance services across North America. The company offers a wide array of services, including commercial janitorial, floor care, exterior maintenance, construction services, emergency response, bio hazard clean-up, snow removal and dehumidification, catering to multi-site clients over 10,000 sites in sectors such as retail, automotive, grocery, food service, and distribution.
W Services’ senior management team members, including Mr. Whelan, who will continue to lead the company, are partnering with Bessemer on this transaction.
“We are immensely proud of the business that we have built over the last 15 years and could not ask for a better partner in Bessemer,” said Mr. Whelan. “This collaboration will allow us to further invest in our business to foster growth, while Bessemer’s commitment to maintaining our culture and client-centric approach ensures that we will continue to serve our customers, employees, and business partners with the same excellence they have come to expect.”
With a network of over 3,000 contractor partners and a workforce of more than 250 employees, W Services manages maintenance across more than 10,000 locations.
With the closing of the transaction, Bill Hayden has been appointed as an independent member of the board at W Services. Mr. Hayden has over 20 years of industry experience, most recently serving as the chief executive officer at FacilitySource, a technology and data-driven facility management business and a portfolio company of Warburg Pincus. FacilitySource was sold to CBRE in 2018.
Bessemer Investors, headquartered in New York City, makes equity investments of $50 million to $150 million in businesses operating in business services, healthcare, and consumer goods with minimum revenues of $50 million and EBITDA of at least $5 million. Typical targets for Bessemer will have enterprise values from $75 million to $500 million. The firm raised its latest fund, Bessemer Investors I LP, with $1 billion in capital in 2021.
“We are thrilled to partner with Matthew and the W Services team,” said Andrew Mendelsohn, a managing director at Bessemer. “W Services has developed a leading platform in the facility maintenance services space, serving high-quality customers who trust W Services as a true partner, whether for recurring services or emergency needs. We look forward to supporting the company during its next phase of growth, both through organic initiatives and strategic M&A.”
Brightwood Capital Advisors provided debt financing for the transaction.
EC M&A was the financial advisor to W Services, and Raymond James advised Bessemer Investors.
© 2024 Private Equity Professional | October 4, 2024
