Page 1

ABM® Building Value ABM Industries Announces Definitive Agreement to Acquire Able Services August 25 , 2021 —Strategic Acquisition Adds $ 1.1 Billion in Engineering and Janitorial Services Revenues- -Increases ABM's Engineering and Technical Services Revenues to = $ 2 Billion , Expanding Sustainability & Energy - Efficiency Offerings― -Strengthens Janitorial Services Business and Provides Opportunities to Expand EnhancedClean ™ Acros Broader Footprint- -Operating Synergies of Approximately $ 30 Million to $ 40 Million Identified— - Transaction Expected to be Accretive to Adjusted Earnings Per Share Immediately After Closing- -Conference call to be held today at 6:15 PM ET— NEW YORK , Aug. 25 , 2021 ( GLOBE NEWSWIRE ) -- ABM ( NYSE : ABM ) , a leading provider of facility solutions , announced today that it has reached a definitive agreement to acquire Able Services , a leading facilities services company headquartered in San Francisco , in a cash transaction valued at $ 830 million . The transaction is expected to close by the end of September , subject to approval under the Hart - Scott- Rodino Antitrust Act and other closing conditions . Founded in 1926 , Able is the largest family - owned provider of building maintenance , engineering and facility operations in the United States , with revenues of $ 1.1 billion and adjusted EBITDA of $ 65 million , normalized for COVID - 19 - related impacts . Engineering services represents approximately 60 % of their total revenues , with janitorial services accounting for approximately 40 % . Able's 80 % unionized workforce provides facility services to over one billion square feet of real estate , strengthening ABM's national presence . ABM expects the transaction to be accretive to adjusted earnings per share immediately after closing . The acquisition will also bolster ABM's engineering and technical services , which are expected to generate almost $ 2 billion of combined annualized revenue and expand ABM's sustainability and energy efficiency offerings amid growing demand for environmentally responsible solutions . Scott Salmirs , President and Chief Executive Officer of ABM , noted , " This acquisition is fully aligned with the strategic plan we have developed to accelerate our revenue growth and margin expansion in the coming years . Able represents an excellent strategic and cultural fit for us , adding to our scale in engineering and janitorial services , which represent priority growth areas for ABM over the next five years . Additionally , Able's commitment to delivering outstanding service to its clients while engaging with its team members fits well with ABM's culture and values . Together , we will build upon our respective strengths and shared values as we provide a broader array of services to an expanded client roster . " Salmirs continued , “ Able's strong engineering capabilities will assist us in achieving our strategic growth objectives as we build upon our offerings to include integrated facilities services and multi - service bundles to our core clients . At the same time , Able's substantial janitorial services business in key geographies and long - standing relationships with large corporate clients are perfectly aligned with our broader portfolio . We will gain over $ 400 million in janitorial services revenue at a time when safety and health are of primary importance to commercial clients . Through our Enhanced CleanTM offering , ABM has become a leader in virus protection services , and we believe that our combined janitorial business will be well - positioned to meet