Millennium to acquire Airlite Group

Millennium to acquire Airlite Group

21 October 2016

  •   MIL enters into a binding agreement to acquire 100% of Airlite Group (“Airlite”) for cash consideration of $25.1 million
  •   The acquisition will be funded through a $42 million consolidated debt facility package finalised with ANZ Bank
  •   Airlite is a leading provider of cleaning, maintenance and integrated services in Western Australia
  •   Airlite gives MIL a national footprint, a broader service offering and increased competitiveness with clients that have national portfolios
  •   The acquisition is expected to be immediately EPS accretiveMillennium Services Group (ASX:MIL) today announces that it has entered into a binding agreement to acquire 100% of the Airlite Group (“Airlite”) for $25.1 million1. The acquisition price represents an indicative multiple of approximately five times Airlite’s 2016 audited EBITDA and approximately 4 times Airlite’s anticipated 2017 pro- forma EBITDA. The acquisition of Airlite is expected to be immediately EPS accretive and completion is expected to occur imminently, subject to several conditions precedent.

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Notice to all Millennium Employees.

Please be advised that the 8 week trading window for you to trade in MIL shares, opened on the 29th of August 2016 and will close at close of business on Friday 21 October 2016.

Please be mindful of the Code of Conduct Transactions in Securities Directors and Relevant Employees conditions for trading in MIL securities at all times.  A copy of the Code of Conduct Transactions in Securities is available on this website for download from the Investor tab > Governance.

Millennium set for ASX debut following successful IPO

Millennium Services Group Limited (AXS Code: MIL) is scheduled to commence trading on the ASX, Thursday 19th November 2015.

Millennium’s Chief Executive Officer, Mark Baldwin, said the Company was delighted with the outstanding level of support received from investors. “I believe the reasons for our significant interest from investors was not only due to our double-digit growth over a number of years, but the opportunities for expansion into new locations and sectors within the integrated services market.”

Millennium will remain majority owned by its founders, who will retain key management positions in the Company.

Millennium is excited to extend its share allocation to long-standing employees including cleaners and security officers, who are being recognised for their contribution to the growth and success of the Company.

<b>About Millennium</b>

Millennium is a cleaning, security and integrated service specialist in the retail shopping centre, commercial property and Commonwealth and state government sectors.

Having started operations as a security services company in 2003 in New South Wales, Millennium has grown steadily since inception to provide class-leading cleaning, security and integrated services on the eastern and southern seaboards of Australia and in 2015 expanded into New Zealand.

Millennium employs in excess of 2300 trained personnel in Australia and New Zealand to deliver manned cleaning, security and integrated services including concierge services, hygiene, building and landscape maintenance, and has built its reputation based on personalised service and attention to detail.