BIDVEST NOONAN has signed an agreement with Twenty20 Capital to acquire Cordant Services, the UK provider of security and cleaning services, for an undisclosed sum.
The move further expands Bidvest Noonan's leadership position, footprint, service profile and expertise in the UK. It also brings the company’s total number of employees to more than 27,000 and extends its annual revenues beyond £700 million.
Founded in 1957 and employing more than 7,000 members of staff, Cordant Services is made up of three dedicated divisions: Cordant Security, Cordant Cleaning and Cordant Thistle. With a total annual turnover in excess of £170 million, Cordant Services operates across 1,900 client locations throughout the UK in a range of industries.
Bidvest Noonan provides security, cleaning, Front of House and ancillary services in the UK and Ireland. The company has significantly expanded its services and footprint in the UK and Ireland in recent years through a combination of organic and acquisition-led growth designed to consolidate its leadership position in Ireland and become a market leader in the UK.
Welcoming the announcement, Declan Doyle, CEO of Bidvest Noonan, said: “This is a landmark moment for Bidvest Noonan and Cordant Services. Together, we will deliver even greater support and value to our clients and create more opportunities for our people. The deal cements Bidvest Noonan’s position as a leading provider of security, cleaning and support services in the UK by creating a significantly enhanced footprint, capability and expertise to deliver the highest standards of services to clients across a wide range of sectors and industries.”
Doyle continued: “Importantly for ourselves, we’re achieving this by bringing over 7,000 new colleagues to the Bidvest Noonan team who share our passion and commitment for delivering great value, high standards and excellent service for the customer base. We look forward to working with our new colleagues to further enhance the services and support available for our clients and to help them build on their successes to date.”
Guy Pakenham, managing director of Cordant Services (who, together with members of his senior team, will remain at the helm of the business), added: “This transaction is a very positive reflection of the quality of our business and all of our people. It marks the beginning of an exciting new chapter for Cordant Services. I’m thrilled that we are now part of Bidvest Noonan. Bidvest Noonan is an exceptional company whose leadership team is passionate about delivering outstanding value for its clients and supporting their people."
The announcement follows Bidvest Noonan’s acquisition of the Axis Group, itself a UK provider of security, cleaning and Front of House services, back in January.