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


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.

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