Bidvest Noonan buys UK rival in latest major deal

IRISH-founded security and facility management firm Bidvest Noonan will be nearly doubling its revenue this year to €800m with the purchase of Cordant Services, a leading UK competitor.

he acquisition, from private equity owner Twenty20 Capital, will give Bidvest Noonan a major footprint in the UK, making the company the fourth largest security firm in the market after Mitie, G4S and Securitas.

The company is already the largest security and facilities management player in Ireland.

The landmark deal for Cordant is the fourth in a string of acquisitions for the company in 2021, which combined have added almost €400m in revenue.

Cordant is the second big UK deal for Bidvest Noonan in the last five months following the purchase of Axis, a security, cleaning and front of house services company, in January. Axis added nearly €150m to turnover.

The company also bought Irish companies Interact, an engineering business, and Ancove, a specialist waste management firm this year, only closing on Interact this month.

Cordant has a total turnover of nearly €200m operating across 1,900 client locations in the Uk. It will add 7,000 people to Bidvest Noonan’s existing workforce of 20,000. The company’s management team will be staying in place after the acquisition closes.

“This is a landmark moment for Bidvest Noonan and Cordant Services, as together we will deliver even greater support and value to our clients and create more opportunities for our people,” said Bidvest Noonan chief executive Declan Doyle.

“It cements Bidvest Noonan’s position as a leading provider of security, cleaning and support services in the UK, with a significantly enhanced footprint, capability and expertise to deliver the highest standards of services to clients across a wide range of sectors and industries.”

South African services, trading and distribution group Bidvest formed Bidvest Noonan in 2017 with the €175m acquisition of Dublin-based Noonan, known originally as a cleaning services company, from Alchemy Partners. Alchemy had bought the firm for €90m in 2008. 

Bidvest Noonan has grown its revenue from €100m to an estimated €800m once the Cordant deal closes.

Mr Doyle started with the company as financial controller in 2005, rising to chief financial officer under Alchemy in 2008. He took over as CEO in 2019.

Source

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