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Millennium builds national footprint with Airlite acquisition
Acquisition of Airlite Group
Millennium Services Group is pleased to confirm the acquisition of Airlite Group, a leading cleaning and integrated services provider based in Perth, and with an established presence on the east coast servicing a large base of commercial and retail blue-chip clients. Established in 1967, Airlite’s significant experience in the facility management and maintenance services sector will enable Millennium to draw on their expertise to provide these services to a broader client base nationally, and for Millennium to extend its security offer into Western Australia. Commenting on the acquisition, Millennium’s CEO Mark Baldwin said “Airlite has a large and skilled direct labour force, with experience in value-add services, similar to the profile of Millennium’s highly trained personnel and I am delighted that we have retained the Group’s key management team giving us confidence that the integration process will proceed smoothly. In particular I look forward to working closely with Ross Gavranich, Steve Willis, Stuart Davis and the entire Airlite team. Ross has also been appointed to Millennium’s Board as an Executive Director”.
Appointment of Chief Operating Officer
Millennium is also pleased to announce the key appointment of Craig Hanley as Chief Operating Officer (COO) to Millennium Group, commencing 1 February 2017. Craig has earned an enviable reputation within the industry in building security and integrated services capabilities and his appointment supports the Group’s aim to strengthen its security and integrated services capabilities, focused on delivering improved and extended services to our valued clients. “The appointment of Craig Hanley increases Millennium’s management strength at an important time of national expansion and integration of the Airlite Group”, said Mark Baldwin. “As we build our business according to our growth strategy, it is important that we continue to provide high quality, value-add services to our clients, and ensure stability and enhanced opportunities for our employees. We look forward to welcoming the Airlite team and Craig over the coming months as we focus our efforts on successfully integrating Airlite’s operations within our business ”, said Mark Baldwin.
Millennium Services Group Limited | ABN 11 607 926 787
Level 1, 205-211 Forster Road, Mount Waverley 3149 www.millenniumsg.com
Millennium Services Group (ASX:MIL) today advises that further to its announcement of 21 October 2016, it has now completed the acquisition of the Airlite Group for $25.1 million1.
Ross Gavranich, Executive Chairman of Airlite Group, will now join the Millennium Services Group Board. Ross is a veteran of the facility services industry and brings over 30 years of experience to the Board. Ross has been Executive Chairman of Airlite Group since 2012, following senior management roles at Airlite in operations and marketing.
Airlite is a leading provider of cleaning and integrated services in Western Australia, with satellite offices in Sydney, Melbourne and the Gold Coast, offering a responsive and comprehensive service to its blue-chip client base.
Established in Perth in 1967, Airlite originally provided cleaning services to the commercial property sector. Following 50 years of growth, expansion and diversification, Airlite today employs approximately 1,500 people and provides specialist cleaning, maintenance and integrated services to a broad range of clients, sectors and premises types, from small to large facilities.
Chief Financial Officer
Ph: (03) 9296 2095
Ph: 0408 441 122 / (03) 9600 1979
1 $25.1 million cash, plus the right for a further earn out of 4 times the amount that Airlite’s 2017 Earn Out EBITDA exceeds $6.25 million.
Millennium Services Group Limited | ABN 11 607 926 787
Level 1, TOKH Corporate Centre, 459 Toorak Road, Toorak VIC 3142 www.millenniumsg.com
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.
To read more millennium-to-acquire-airlite-group
Millennium Services Group Limited (ASX:MIL) is pleased to announce that we have won 12 new cleaning contracts for shopping centre assets across 3 Australian States, awarded by a major client, all with a scheduled start of 1 April 2016.
Millennium Services Group Ltd (ASX: MIL) is pleased to announce its inaugural half year results as a listed company.
FY16 Half Year Results Investor Presentation.