Listed services, trading, and distribution company, Bidvest, has acquired Australian professional cleaning specialist, BIC, for approximately ZAR1.8 billion. BIC, headquartered in Sydney and operating across Australia, was established in 1989 and is a provider of niche integrated facilities management services across office, commercial and education sites. Its core cleaning service offering leverages an interactive technology solution and is augmented by a full range of cleaning, hygiene, waste, maintenance and other ancillary services.
The company employs almost 2,500 people across 3,250 sites and its client base primarily comprises premium A-grade offices in New South Wales. BIC is supported by a web-based reporting system that can be integrated into client systems and an interactive customer experience platform.
BIC’s current management team has signed service agreements and remains committed to the business. BIC has a seasoned and commercially strong management team who have introduced innovative and enabling technology to drive value for all stakeholders and integrated sustainability efforts in the daily operations, says Bidvest. The acquisition will be modestly earnings and return-accretive to the group.
“We are excited to have found a business and management team that I believe can contribute to advancing Bidvest’s international growth strategy and add value to a stakeholder base that now includes Australia,” said Mpumi Madisa, Bidvest Chief Executive.
The purchase is effective 7 July 2022 and will be settled from the group’s international bond proceeds raised in October 2021. Bidvest further said that the acquisition is aligned to its stated strategic intent of expanding its international presence in facilities management as well as the distribution of plumbing and related products.