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ABM Acquires RavenVolt

ABM has purchased RavenVolt Inc., an Alpharetta, Georgia-based provider of turn-key microgrid systems and other energy solutions.

The deal expands ABM’s technical solutions capabilities, complementing the company’s Bundled Energy, eMobility, and Power Solution business segments. The transaction is slated to be finalized by the end of the year.

ABM will acquire RavenVolt for an initial purchase price of US$170 million in cash at closing. There’s also the potential for post-closing earn-out consideration payable in cash in 2024, 2025, and 2026, if the RavenVolt business achieves certain financial metrics in 2023, 2024, and 2025. The maximum aggregate cash earn-out payment amount is $280 million, resulting in a maximum total purchase price of $450 million.

“RavenVolt is a natural complement to our growing energy solutions and EV business, and I am delighted to welcome the team, led by Jonathan Hinton and Eric Scanlon, to the ABM family,” said Scott Salmirs, ABM CEO. “As our clients’ power needs continue to evolve, many have invested in microgrid technology or are considering doing so, and we believe this trend will accelerate.”

About ABM
ABM is a provider of building maintenance and facility services across the United States and Canada, offering customized solutions for cleaning, engineering maintenance, and commercial building maintenance. For more information, visit www.abm.com.