Onex Corporation announced that Onex Partners V, Onex’ $7.2 billion fund, has agreed to acquire Fidelity Building Services Group (“Fidelity BSG” or the “company”), in partnership with the company’s management team.
Fidelity BSG is a leading provider of technical building solutions for the commercial and industrial facilities market, delivering best-in-class, non-discretionary services through every phase of a building’s lifecycle. Headquartered in Sparks, Maryland, Fidelity BSG’s offering includes a complete range of maintenance, retrofit, replacement and highly engineered design-build services for mechanical HVAC systems, building automation and controls, as well as emergency generators and power systems. The company has over 1,700 team members across 30 locations in 13 states.
“Fidelity BSG has a strong reputation for providing its customers with high-quality service supported by differentiated technical expertise. The company is well-positioned to benefit from an increasing focus on improving energy efficiency, indoor air quality and occupant comfort in buildings,” said Matt Ross, a Managing Director at Onex. “We’re delighted to be partnering with the Fidelity BSG team to support its continued organic growth and help accelerate its successful acquisition strategy.”
“Our focus on outstanding customer service and dedication to our Team Members has allowed Fidelity BSG to be become one of the leading providers of critical HVAC and technical facilities services,” stated Dave Lanphar, Chief Executive Officer of Fidelity BSG. “We are excited to be partnering with Onex in the next chapter of our growth.”
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The transaction is anticipated to close later this year subject to customary closing conditions. With this transaction, Onex Partners V will be approximately 73% invested. The terms of the transaction are not being disclosed at this time.
On this transaction, Harris Williams served as financial advisor and Kirkland & Ellis LLP as legal counsel to Fidelity BSG. Latham & Watkins LLP served as legal counsel to Onex.
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