Spotless to acquire CE Property Services

Dateline: 10.02.2010
Author: Press release

Spotless Group Limited has signed a conditional agreement to acquire privately owned international cleaning and related services company, CE Property Services Group (widely known for the Cleanevent and CleanDomain brands). The Group has revenues of more than $140 million, with about 60 percent of revenues generated in Australia. ‘The principal condition precedent relates to the novation of contracts,’ said the official 9 February press release.

‘The strategic acquisition would provide an expanded geographic footprint for Spotless' Facility Services operations into the United Kingdom, Europe, the United States and Middle East and increased scale and efficiencies in the Australian market,’ the statement added.

According to Spotless managing director and CEO, Josef Farnik, the proposed acquisition of CE Property Services Group is in line with the company's strategic growth plans and would be comfortably funded from existing debt facilities.

"CE Property Services Group is a natural fit with Spotless and would enable us to offer additional services to existing and potential clients, improve outsourcing efficiencies and ultimately increase value for our clients. Importantly, its international footprint would deliver an important building block in our growth plans.

"The acquisition would deliver immediate benefits to Spotless; access to a significant client base in new and existing geographies, an enhanced reputation as a premier services provider to major events and venues globally, and a dedicated group of employees from CE Property Services Group," said Farnik.

CE Property Services Group provides cleaning, environmental waste management, housekeeping and security services in more than six countries and employs some 4,000 people. ‘With more than 200 clients across the retail, hospitality and commercial sectors, the business has a prestigious portfolio of contracts spanning major sporting stadiums, International Air Shows, Olympic Games and F1 Grand Prix event,’ noted the statement.

"CE Property Services Group's global reach, respected reputation and customer relationships combined with Spotless' range of services, depth of experience in outsourced services and corporate strength would ensure the combined teams create exciting growth opportunities for Spotless, our clients and our employees," pointed out Farnik.
www.spotless.com.au

Spotless to acquire CE Property Services