ABM Broadens Its Technical Solutions Capabilities With Acquisition of Rapidly Expanding RavenVolt
Share this post:
RavenVolt’s turn-key microgrid solutions deliver energy reliability and resiliency, complementing ABM’s Bundled Energy, eMobility and Power solution lines
Acquisition reflects ABM’s ELEVATE strategy by expanding in attractive, fast-growing markets
NEW YORK, Aug. 18, 2022 (GLOBE NEWSWIRE) — ABM (NYSE: ABM), a leading provider of integrated facility services and solutions, today announced it has entered into a definitive agreement to acquire RavenVolt, Inc. (“RavenVolt”), headquartered in Alpharetta, Georgia, in an all cash transaction. RavenVolt is a leading nationwide provider of advanced turn-key microgrid systems utilized by diversified commercial and industrial customers, national retailers, utilities, and municipalities. RavenVolt employs over 80 people and is projected to generate revenue of $70 million to $80 million and EBITDA (as defined in the definitive agreement) of $17 million to $19 million in calendar 2022. The transaction is expected to close during ABM’s fourth fiscal quarter of 2022, subject to the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Act and other closing conditions.
The acquisition of RavenVolt is reflective of ABM’s ELEVATE strategy to grow via strategic acquisitions which expand the Company’s core capabilities in attractive and dynamic end-markets, such as the rapidly growing and evolving microgrid market. Commercial customers are increasingly turning to microgrids as the solution of choice to bolster their on-site energy capacity, reduce emissions and meet sustainability goals, and ensure power resiliency during periods of primary power grid disruption.
Scott Salmirs, ABM’s President & CEO, said, “RavenVolt is a natural complement to our growing energy solutions and EV business, and I am delighted to welcome the team, led by Jonathan Hinton and Eric Scanlon, to the ABM family. As our clients’ power needs continue to evolve, many have invested in microgrid technology or are considering doing so, and we believe this trend will accelerate. With numerous completed microgrid projects generating over 3 gigawatts of power across a wide range of industries, the RavenVolt team members are true leaders in the industry. Importantly, this transaction includes an earn-out, which strongly incentivizes future outperformance as the business ramps up over the next few years, which will benefit ABM and its stockholders.”
