Alchemy sells Noonan to Bidvest in €175m EV deal

The deal brings to an end a nine-year holding period for the vendor, during which the company increased its headcount from 5,500 to 13,000.

According to a recent report by the Irish Times, HIG Capital was also involved in the bidding process alongside two other bidders.

The transaction is subject to South African Reserve Bank approval and is expected to complete by the end of August 2017.

Previous funding
Alchemy backed the buyout of Noonan in August 2008 in a deal worth around €90m. The GP acquired a majority stake from the founders and a group of shareholders, with the balance of shares held by the management team.

Company
Headquartered in Dublin and founded in 1977, Noonan provides cleaning, building maintenance, security and facilities management services to sectors including construction, transport, life sciences, retail, healthcare and education. The business has additional operations in the UK, which account for 40% of its revenues.

People
Alchemy Partners – Dominic Slade (managing partner).

Advisers
Vendor – Robert W Baird (corporate finance); Macfarlanes (legal).
Acquirer – Investec (corporate finance); Baker McKenzie (legal).

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