TORONTO, Oct. 20, 2020 (GLOBE NEWSWIRE) -- 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:
In addition, HennickCo has invested in some of the most significant real estate projects in Canada, including:
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.