Sterling Investment Partners has sold US Maintenance, an outsourcing management services company, to Transfield Services for $276 million (€217 million).
Transfield, an international provider of operations and maintenance services in Australia, Southeast Asia and the Middle East, is a publicly traded company on the Australian Stock Exchange.
US Maintenance provides outsourced maintenance services for companies throughout North America, including janitorial work, floor care, landscaping, snow removal, disaster repair, restoration, electrical wiring, lighting and sign maintenance. The company provides services to over 45,000 retail businesses across the US, Canada, Puerto Rico and the Virgin Islands. The company’s customers include Bed, Bath & Beyond, Banana Republic, CompUSA, Fleet Bank, Gap, Old Navy, Rite Aid, Starbucks and Toys ‘R’ Us.
Sterling acquired US Maintenance in August 2003, and since that time the company has more than doubled in size. The company has also made three acquisitions during Sterling’s ownership. In February the company purchased DayStar USA, an exterior maintenance service company.
US Maintenance was founded by David Gansky and Adam Beck, who started the business when they were college students in the late 1980s as a small house cleaning business. By 2002 the company had grown tremendously, earning approximately $100 million in revenue.
In 2003, Sterling bought the company for an undisclosed amount, but Sterling managing partner Charles Santoro did say that the debt-to-equity ratio was 55 percent to 45 percent. The bulk of the investment was made from Sterling Investment Partners, a $250 million vehicle.