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Blackstone buys GCA Services from Nautic Partners

6 Sep 2012

Global private equity giant Blackstone has bought facilities services company GCA Services Group from Nautic Partners.

Financial terms of the deal were not disclosed.

GCA provides services including janitorial, facilities operation, grounds management and staffing.

The firm made the investment through its Blackstone Capital Partners V fund, a $21.7bn vehicle closed in 2006 before the global financial crisis hit.

Blackstone senior managing director said, “Blackstone sees tremendous opportunity for investing in leading companies within the business services sector, where we have significant expertise.

“Blackstone is attracted to GCA’s leading market position and rapid organic growth.

“We look forward to working with GCA’s outstanding management team to continue to invest in the company’s growth.”

The deal is expected to close next month subject to certain government approvals and other customary closing conditions.

Credit Suisse and Morgan Stanley acted as M&A advisors to Blackstone and are providing financing for the deal, while Simpson Thacher & Bartlett acted as legal counsel.

Robert W Baird acted as lead financial advisor to GCA and Jefferies co-advised the company, with Calfee, Halter & Griswold acting as legal counsel.

Earlier this month it emerged Nautic was looking for $800m of commitments for its seventh private equity vehicle.

Nautic Partners VII is understood to have secured commitments from HarbourVest Partners as well as returning investors Guardian Life Insurance and New York City Employees’ Retirement System.

The Providence, Rhode Island-based firm is looking to secure the same amount as it gathered for Nautic Partners VI, which closed in June 2008 on $800m – despite having an initial target of $1.2bn.

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