Perwyn, a leading European private equity investor, is delighted to announce that it has entered an agreement to exit its holding in WGNSTAR to ABM (NYSE: ABM) in a cash transaction valued at approximately $275 million.
With locations in Ireland and six cities in the United States, WGNSTAR is a leading provider of managed workforce solutions and equipment support services for the semiconductor and high-technology industries.
Since Perwyn invested in the business in 2019, WGNSTAR has developed into a company with a highly skilled workforce of more than 1,300 employees, and it maintains long-standing client partnerships, with many exceeding two decades.
Perwyn had invested alongside the original founder of the business Basil Holian, exemplifying one of its core investment philosophies of partnering with visionary entrepreneurs, and his long-term COO Mark Morris. Perwyn assisted Basil in his operational transition from CEO to President, which included key C-suite hires including Nigel Wenden (CEO), Shane Cox (CFO) and Geoffrey Stoddart (SVP Global BD), as well as Mike Alisson (NED) at Board level.
WGNSTAR marks another successful exit for Perwyn in the Business Services sector, in short succession to the recently announced sale of Lowe Rental.
Heinz Holsten and Maxime Menu, from the Perwyn investment team and board members of WGNSTAR, jointly commented:
“Semiconductors are fundamental to the global economy, and since our investment in 2019 we have been delighted to support WGNSTAR to grow organically, complete two transformational acquisitions in the US, and develop further into a highly skilled, transatlantic business providing mission-critical managed services to a key industry. The team has also deepened long-standing client relationships, and we are very proud of what has been achieved together with Basil, Nigel and his team.”
Basil Holian, Founder and President of WGNSTAR commented:
“I am incredibly proud of the business our team has built over the past 22 years since winning our first contract in Ireland back in 2003, and grateful for the role Perwyn has played in that journey since 2019. Their support, guidance, and belief in our vision have been instrumental in helping us to grow and to strengthen our capabilities.”
Nigel Wenden, CEO of WGNSTAR also added:
“It has been a privilege to work alongside Perwyn and Basil since my joining in 2020 and their support has been invaluable, notably in executing the acquisitions of NSTAR and PSS. As we join forces with ABM, we do so with confidence, knowing we have a solid foundation and that we had a strong partner in Perwyn who helped make this possible.”
ABM is one of the world’s largest providers of integrated facility, engineering, and infrastructure solutions. It serves a wide range of market sectors, including commercial real estate, aviation, mission critical, and manufacturing and distribution. The company’s annual revenue is in excess of $8 billion, and it has a blue-chip client base.
Generating over half of its revenue from integrated workforce programmes, WGNSTAR ensures operations efficiency in chip fabrication facilities. WGNSTAR also collaborates with leading OEMs to offer equipment support services that include installation, maintenance and production tool management, further enhancing productivity within fabrication environments.
The transaction is subject to customary completion conditions, including regulatory approvals.
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