CBRE Group, Inc. Closes Acquisition of J&J Worldwide Services
February 27 2024 - 5:03PM
Business Wire
CBRE Group, Inc. (NYSE:CBRE) and Arlington Capital Partners
today announced CBRE’s completion of its acquisition of J&J
Worldwide Services, a leading provider of engineering services,
base support operations and facilities maintenance for the U.S.
federal government from Arlington, a Washington, D.C.-area private
investment firm specializing in government regulated
industries.
J&J primarily serves the U.S. Department of Defense through
long-term, fixed-price contracts. The company employs more than
3,300 people worldwide, serving more than 250 hospitals, clinics
and military installations primarily in the United States, as well
as in Europe, Asia, the Caribbean and the Middle East. It serves
such facilities as Brooke Army Medical Center, Walter Reed National
Military Medical Center and the United States Naval Academy.
“The acquisition is consistent with key elements of our M&A
strategy that focus on enhancing our technical services
capabilities, increasing revenue resilience and secular growth, and
expanding our government client base within our Global Workplace
Solutions segment,” said Bob Sulentic, chair & chief executive
officer of CBRE. “We are adding a company with deep government
contracting experience, long-term customer relationships and a
50-year record of outstanding technical service delivery.”
As previously announced, CBRE has purchased J&J for $800
million in cash, plus a potential earn-out of up to $250 million,
payable in 2027, subject to the acquired business meeting certain
performance thresholds.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500
company headquartered in Dallas, is the world’s largest commercial
real estate services and investment firm (based on 2023 revenue).
The company has more than 130,000 employees (including Turner &
Townsend employees) serving clients in more than 100 countries.
CBRE serves a diverse range of clients with an integrated suite of
services, including facilities, transaction and project management;
property management; investment management; appraisal and
valuation; property leasing; strategic consulting; property sales;
mortgage services and development services. Please visit our
website at www.cbre.com. We routinely post important
information on our website, including corporate and investor
presentations and financial information. We intend to use our
website as a means of disclosing material, non-public information
and for complying with our disclosure obligations under Regulation
FD. Such disclosures will be included in the Investor Relations
section of our website at https://ir.cbre.com. Accordingly,
investors should monitor such portion of our website, in addition
to following our press releases, Securities and Exchange Commission
filings and public conference calls and webcasts.
About Arlington Capital
Partners
Arlington Capital Partners is a Washington, D.C. area private
investment firm specializing in government regulated industries.
The firm partners with founders and management teams to build
strategically important businesses in the aerospace and defense,
government services and technology, and healthcare sectors. Since
its inception in 1999, Arlington has invested in over 150 companies
and is currently investing out of its $3.8 billion Fund VI. For
more information, visit Arlington’s website at www.arlingtoncap.com
and follow Arlington on LinkedIn.
Forward-Looking Statements
Certain of the statements in this release regarding CBRE’s
acquisition of J&J Worldwide Services that do not concern
purely historical data are forward-looking statements within the
meaning of the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are made based on our management’s expectations and
beliefs concerning future events affecting us and are subject to
uncertainties and factors relating to our operations and business
environment, all of which are difficult to predict and many of
which are beyond our control. Accordingly, actual performance,
results and events may vary materially from those indicated in
forward-looking statements, and you should not rely on
forward-looking statements as predictions of future performance,
results or events. Numerous factors could cause actual future
performance, results and events to differ materially from those
indicated in forward-looking statements, including, but not limited
to, CBRE’s ability to successfully integrate and operate the
business within CBRE’s Global Workplace Solutions segment, as well
as other risks and uncertainties discussed in our filings with the
U.S. Securities and Exchange Commission (SEC). Any forward-looking
statements speak only as of the date of this release. We assume no
obligation to update forward-looking statements to reflect actual
results, changes in assumptions or changes in other factors
affecting forward-looking information, except to the extent
required by applicable securities laws. If we do update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements. For additional information concerning
factors that may cause actual results to differ from those
anticipated in the forward-looking statements and other risks and
uncertainties to our business in general, please refer to our SEC
filings, including our Form 10-K for the fiscal year ended December
31, 2023. Such filings are available publicly and may be obtained
from our website at www.cbre.com or upon request from the CBRE
Investor Relations Department at investorrelations@cbre.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240227085284/en/
Brad Burke CBRE-Investors 214.863.3100 Brad.Burke@cbre.com
Steve Iaco CBRE-Media 212.984.6535 Steven.Iaco@cbre.com
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