Sunday, August 30, 2015

Crothall's janitorial service fetches $600M in second sale

GCA Services sold to Blackstone, enriching Newspring and others

Crothall's janitorial service fetches $600M in second sale

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Newspring Capital is having a busy year: The team headed by Mike DiPiano is preparing to deploy the $200 million raised through its third investment fund earlier this year. And Blackstone Group, the giant New York-based buyout fund, has agreed to pay $600 million for one of Newspring's portfolio companies, GCA Services Group Inc., the formerly King of Prussia-based janitorial contractor started by Philadelphia investor Graeme Crothall, according to a person familiar with the deal.

Newspring joined Nautic Partners, Liberty Ventures and Meridian Capital in paying $90 million for GCA in 2003. GCA is now based in Chicago. More here.

 

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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