LockeBridge, a Boston area Investment Bank, announced today that it has acted as the exclusive financial advisor to National Maintenance Systems (“NSM”) on its sale to Kellermyer Bergensons Services.
LockeBridge, a Boston area Investment Bank providing merger and acquisition advisory services, announced today that it has acted as the exclusive financial advisor in the sale of National Maintenance Systems (“NMS”) to Kellermeyer Bergensons Services(“KBS”).
NMS, based in Providence Rhode Island, is a leader in exterior maintenance services. Some of the largest corporate entities across the country depend on their services including major hospitals, U.S. Postal Service distribution centers and major regional banks.
KBS, with more than 41,000 active customer locations in all 50 U.S. states, Canada, and Puerto Rico is the largest provider of technology-enabled, integrated interior and exterior property services to multi-region and multi-site customers in North America. Mark Minasian, Chief Executive Officer and Co-founder of KBS stated, “We are very excited about the acquisition of NMS. They are a leader in snow and ice management, landscaping and parking lot maintenance services primarily in the Northeast and Midwest regions. This expansion by KBS into complementary exterior services in very attractive end markets further strengthens our commercial value proposition, offering our customers the largest, most reliable integrated facility support solutions platform for interior, exterior or bundled services across North America.”
According to Mr. Ben-Yashar, ” When seeking advisors to assist in the transaction, I rank trust every bit as high as transactional expertise. Throughout my career, including my five years in the Israeli military, I have found it extremely difficult to find both trust and exceptional skill. It is clear that the folks at LockeBridge are the exception. Never did I question the teams intent to represent and protect my best interest. Additionally, had it not been for the exceptional skill set of the LockeBridge team and willingness to go well beyond the scope of our engagement, closing this extremely complex transaction would have been improbable. They did whatever they needed to do, and they did it well.”
Joe Arayas, LockeBridge Managing Directors, stated “Few corporations can manage the unpredictable cash flow and work load of an exterior facilities services company such as National Maintenance. Furthermore, few know how to take the ups and downs into consideration when determining enterprise value. We developed a very credible way of normalizing profits to accurately reflect the long term value of the business. We worked closely with KBS’ financial team to structure a transaction that would fairly account for the potentially drastic changes in performance due to the large seasonal variations from one year to the next. For sure this was one of the most complex transactions of my career and also one of the most gratifying.”