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Industrial giant Bidvest said on Wednesday it has agreed to buy hygiene business Consolidated Property Services (CPS), a move which will double its facilities management footprint in Australia.
Established in 1977, CPS is a leading Australian provider of integrated property services to more than 145 sites across Victoria, New South Wales and South Australia, the group said.
Headquartered in Melbourne, CPS employs almost 3 500 people and the vast majority of its revenue is generated from direct contracts with building owners and tenants, with many of these relationships spanning in excess of 10 years.
Bidvest did not provide a price for the acquisition in its voluntary update, meaning it is less than 5% of its about R93 billion market value, or less than about R4.65 billion.
Founded in 1988, Bidvest is a leading industrial group with over 250 individual businesses as of 2022 when it employed over 125 000 people in SA, the UK, Ireland, Spain and Australia. The group operates in a range of industries, from facilities management to motoring, hygiene, tourism and healthcare, while its portfolio also includes car retailer Bidvest McCarthy and pharmaceutical company Adcock Ingram.
The group company's biggest acquisition in the year to end June was that of hygiene business BIC Australia, which was bought for about R1.8 billion in July last year. After stellar results, the group has said recently it is on the hunt for more businesses.
READ | Bidvest is gunning for takeovers, with up to R28bn in firepower
Bidvest's shares were up more than 2% on Wednesday afternoon and have gained almost a quarter in the past one year.
