Hennick & Company Completes Sale of National Facility Services
October 20 2020 - 7:00AM
Hennick & Company, Inc. (“HennickCo”) announced today that it
has completed the sale of National Facility Services, LLC (“NFS”).
Terms of the transaction were not disclosed.
Headquartered in Florida, with operations in 15
U.S. states, NFS is a leading provider of staffing and facility
maintenance services to multi-family residential, commercial and
hospitality properties. For more than 40 years, NFS has provided a
comprehensive range of end-to-end services, including on-site
specialty staffing and general facility maintenance services
pursuant to fixed, long-term and highly recurring contracts. The
company’s clients include luxury multi-family residential
properties, institutional owners of commercial and retail real
estate, and premier hotel, resort and regional casino gaming
facilities.
Since acquiring NFS in 2015, HennickCo
accelerated the company’s organic growth strategy, streamlined back
office functions and improved profitability. In addition, under
HennickCo’s leadership, NFS completed multiple tuck-under
acquisitions to further augment its operating platform, broaden its
service offerings and strengthen its diversified client base. The
hospitality division was sold in February 2018 to a nationally
recognized strategic acquirer, and the multi-family residential and
commercial divisions were divested to a financial sponsor backed
strategic purchaser in September 2020.
Bradley Hennick, Managing Director of HennickCo
said, “The success of our investment in NFS demonstrates our
disciplined approach to investing and our philosophy of partnering
with proven management teams to drive long-term value. We would
like to thank the entire NFS team for their hard work and
dedication, and wish them continued success in the future.”
Upon completion of the transaction, HennickCo
and its investors will realize an unlevered internal rate of return
of 31.2% and a gross multiple of invested capital of 2.3x, net of
performance fees.
Since being established in 2014, HennickCo has
made several strategic investments in a variety of market segments,
including:
- Haventree Bank, a federally
regulated deposit taking Schedule I bank that provides residential
mortgage solutions and GIC investment options across Canada.
- BVGlazing Systems, a company that
engineers, manufactures and installs high-quality window and
curtain wall glazing systems for large-scale commercial and
multi-residential properties.
- Trolleybus Urban Development, a
real estate development firm that specializes in acquiring and
obtaining building entitlements for the redevelopment of
residential and urban mixed-use projects.
In addition, HennickCo has invested in some of
the most significant real estate projects in Canada, including:
- York Mills Centre, a Class A
institutional quality office and retail complex with over 570,000
square feet of leasable space in midtown Toronto.
- East Harbour, a 38-acre commercial
development site zoned for 10 million square feet of office, hotel,
retail and cultural space located in downtown Toronto.
- The Hazelton Hotel, Toronto’s
finest five-star boutique hotel with 77 luxurious guest rooms and
first-class on-site amenities in the heart of the Yorkville
cultural district.
- St. Regis Hotel Toronto, a
58-storey five star hotel with 258 guest rooms and 113 privately
owned residences located in Toronto’s financial district.
About Hennick &
Company
Hennick & Company is a private firm that
invests in operating businesses and high-quality real estate for
the long-term. Established by the Hennick family, which founded and
owns a significant equity interest in Colliers International
(NASDAQ:CIGI, TSX:CIGI) and FirstService Corporation (NASDAQ:FSV,
TSX:FSV), HennickCo has made material investments in the financial
services, facility services, manufacturing and real estate sectors.
As a privately-owned company backed by permanent capital, HennickCo
can invest in any industry or geography, in privately owned or
publicly traded businesses, and at any point in the economic cycle.
The firm does not have pre-determined investment hold periods and
it operates in a non-bureaucratic fashion that allows for quicker
decision-making and more proactive pursuits of opportunities than
its peers. HennickCo’s goal is to identify, invest in and
participate in the growth of great businesses and high-quality real
estate assets in partnership with strong leadership teams and its
investment partners. To learn more about HennickCo, please visit
our website at www.hennick.com.
For more information please contact:
Bradley Hennick
Managing Director
416-966-9500
Colliers (TSX:CIGI)
Historical Stock Chart
From Apr 2024 to May 2024
Colliers (TSX:CIGI)
Historical Stock Chart
From May 2023 to May 2024