Facility support business
CBRE Group to Acquire J&J Worldwide Services in Deal Worth Up to $1.05B
Washington, D.C.-based private investment firm Arlington Capital Partners has announced that it will sell J&J Worldwide Services to CBRE Group for up to $1.05 billion, including $800 million in upfront cash and and additional $250 million depending on performance thresholds.
Headquartered in Franklin, Tennessee, J&J offers preventative maintenance support for federal government and health care facilities, Arlington Capital said.
J&J’s portfolio includes facility management and integrated asset management for Department of Defense hospitals and bases.
Michael Lustbader, an Arlington managing partner, said J&J “achieved significant organic growth” through large facility support contracts with the United States. He added that CBRE’s real estate industry leadership positions it to support J&J’s continued expansion.
According to J&J CEO Steve Kelley, a 4×24 member, his company increased its global reach in the last four years with guidance from Arlington.
News of the sale follows a string of new awards for J&J, including a subcontractor position on small business Titan-Auxo’s Integrated Critical Staffing Program contract with the Veterans Health Administration.
In December, J&J secured a four-year U.S. Army Corps of Engineers contract to provide operations and maintenance support to the Alexander T. Augusta Military Medical Center.
Category: Member News
Tags: acquisition Arlington Capital Partners CBRE Group J&J Worldwide Services Member News Michael Lustbader Steve Kelley