Veris plc has been acquired by ARAMARK
Arrowpoint Advisory advised the board of Irish listed group Veris plc on the sale of its Facilities Management and Property Management divisions to US support services group ARAMARK for €50.8m.
Veris' FM and PM businesses are market leaders within Ireland and operate under a variety of brand names including Vector, Irish Estates, Glenrye and Orange. Their impressive client base includes household names such as Google, BT and Irish Life.
The businesses are headed up by Martin McMahon who founded Vector, oversaw a merger with Irish Estates, list on the AIM and make subsequent acquisitions. He and his team have developed the business from being a specialist provider of mechanical and electrical and other 'hard' services to cover the full spectrum of FM services offering contracts for any single service right through to fully integrated solutions.
ARAMARK is a global business which is headquartered in Philadelphia. Within Ireland, ARAMARK Campbell Catering is already the market leader in catering. This acquisition broadens the skills base and services both businesses can offer potential and existing customers in Ireland and further afield.
Martin McMahon, Managing Director of Veris' operations stated: "ARAMARK's global coverage will give real opportunity for our employees and customers alike. There is a strong fit between the businesses both culturally and strategically." Of Arrowpoint Advisory's role he added: "Arrowpoint Advisory's expertise and straight-forward advice to Veris throughout the process was invaluable."
Joan O'shaughnessy, Chief Executive of ARAMARK Ireland said: "This transaction places us all on a platform for further growth, making us even stronger players in each of the markets where we are already successful."
Jeremy Furniss, Managing Director at Arrowpoint Advisory, commented: "We are delighted to be able to announce this transaction which is a fine example strategic M&A benefiting all parties. The FM sector continues to show resilience at this challenging point in the economic cycle and this transaction reinforces our view that good quality businesses can command the interest of first rate purchasers and investors."