Dublin-based security, cleaning and support services company Bidvest Noonan has acquired British rival Cordant Services in what it describes as a "landmark deal" for the group.
The acquisition marks Bidvest Noonan’s fourth acquisition so far in 2021, and comes just weeks after its recent deal for Irish company Interact closed.
Founded in 1957, Cordant Services is comprised of three dedicated divisions: Cordant Security, Cordant Cleaning and Cordant Thistle, a specialist and industrial cleaning business.
With a turnover of approximately £170 million (€197m), it operates across 1,900 client locations in a range of industries. The company is a division of Cordant Group, one of the largest social enterprises in Britain.
The transaction comes just over a year after Twenty20 Capital became the majority shareholder in Cordant Group in a move to save 45,000 jobs after it struggled to raise cash.
No financial details surrounding the deal have been publicly disclosed but informed sources said the company is expecting acquisitions announced this year will boost revenues by between €300 million and €400 million.
Bidvest Noonan has grown turnover from €100 million in 2008 to about €800 million with the new deal, which positions it as one of the biggest players in the security space in Britain. The transaction also brings total headcount at the group to more than 27,000.
"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 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 conglomerate Bidvest agreed to buy Noonan Services in a €175 million deal in August 2017. In doing so it bought out London-based private equity firm Alchemy Partners and Noonan's management's combined 100 per cent stake in the company, marking its second change in ownership in less than a decade.
In addition to acquiring Cordant Services and Interact, Bidvest Noonan's other acquisitions this year include Axis Group and Ancove, a specialist Irish waste management business.
