ABM Completes Acquisition of RavenVolt, Inc.

Rhea-AI Summary

ABM has successfully completed the acquisition of RavenVolt, a prominent provider of advanced turn-key microgrid systems. This acquisition enhances ABM's Technical Solutions industry group and targets diverse customers, including national retailers and utilities. With this move, ABM aims to strengthen its position in the integrated facility services market by incorporating innovative energy solutions. The deal underscores ABM's commitment to sustainable practices, with annual revenue exceeding $7 billion and a workforce of over 100,000 across more than 350 offices worldwide.

Positive

• Acquisition of RavenVolt enhances ABM's Technical Solutions offerings.
• Strategic expansion into the microgrid systems market.
• Strengthens ABM's position among diverse commercial and industrial customers.

Negative

• None.

NEW YORK, Sept. 01, 2022 (GLOBE NEWSWIRE) -- ABM (NYSE: ABM) a leading provider of integrated facility services and solutions, announced today that it has completed the previously announced acquisition of RavenVolt, Inc. ("RavenVolt"), a leading nationwide provider of advanced turn-key microgrid systems utilized by diversified commercial and industrial customers, national retailers, utilities, and municipalities. RavenVolt will become part of ABM’s Technical Solutions industry group.

About ABM

ABM (NYSE: ABM) is one of the world’s largest providers of integrated facility services. A driving force for a cleaner, healthier, and more sustainable world, ABM provides essential services that improve the spaces and places that matter most. From curbside to rooftop, ABM offers a comprehensive array of facility services that include janitorial, engineering, parking, electrical & lighting, energy solutions, HVAC & mechanical, landscape & turf, and mission critical solutions. ABM delivers these custom facility solutions to properties across a wide range of industries – from commercial office buildings to schools, airports, hospitals, data centers, manufacturing plants, and distribution centers, entertainment venues, and more. Founded in 1909, ABM today has annualized revenue exceeding $7 billion and more than 100,000 team members in 350+ offices throughout the United States, United Kingdom, and other international locations. For more information, visit www.abm.com.

CONTACT

Investor Relations:
Paul Goldberg
212-297-9721
ir@abm.com

Media:
Michael Valentino
media@abm.com

FAQ

What is the purpose of ABM's acquisition of RavenVolt?

The acquisition aims to enhance ABM's Technical Solutions offerings, particularly in advanced microgrid systems.

How does the RavenVolt acquisition impact ABM's market position?

It strengthens ABM's position in the integrated facility services market and expands its customer base.

What financial metrics are associated with ABM?

ABM has annual revenue exceeding $7 billion and employs over 100,000 team members.

When was the RavenVolt acquisition completed?

The acquisition was completed on September 1, 2022.

What types of customers does RavenVolt serve?

RavenVolt serves a diverse range of customers, including national retailers, utilities, and municipalities.