GDF SUEZ, through its Cofely subsidiary, acquires Lend Lease’s UK FM assets
GDF SUEZ through its Cofely(1) subsidiary has completed the purchase(2) of Lend Lease Group’s UK facilities management (FM) business (LLFM).
This acquisition will make Cofely one of the UK’s largest providers of technical services PFI (Private Finance Initiative) and provide an increased portfolio of long-term FM contracts in key public sector and healthcare markets. Over the next 25 years these contracts will provide Cofely with a guaranteed revenue stream of 2.5 billion GBP. The transaction will also give Cofely a significant, new lifecycle management capability to its business, which includes building fabric and major repair & replacement.
LLFM currently provides a range of FM services across the UK and Ireland, with particular focus on healthcare, education, government and retail. The business has a number of large long-term contracts with clients comprising a number of major National Health Service (NHS) Trust hospitals at locations including Manchester and Leeds, Local Education Authorities in Birmingham and Lincolnshire, HM Treasury and Bluewater Shopping Centre.
LLFM will be combined with Cofely’s existing UK business with immediate effect, with the new entity operating under the Cofely brand.
Commenting on the acquisition Jérôme Tolot, GDF SUEZ Executive Vice President, in charge of the Energy Services Business Line:
“The acquisition of LLFM reinforces our strategy to further evolve our business here in the UK. It continues to strengthen our service capability and our credentials as a leading UK service provider. LLFM has many synergies with our existing business and it will also provide us with the addition of a full lifecycle management capability. This will allow us to introduce and integrate new smart & low carbon energy efficient technologies into buildings for customers over the term of the contracts”.
The acquisition follows Cofely’s purchase of Balfour Beatty WorkPlace in late 2013 and a number of significant contract successes in June 2014. These include a £300m FM contract with Telereal Trillium for the Department of Work & Pensions portfolio and a long-term contract with BP for utility services at Sullom Voe Oil & Gas Terminal in the Shetland Islands.
Editors Notes :
(1) The acquisition was made by Cofely UK Limited a wholly owned subsidiary of GDF SUEZ.
(2) The acquisition of LLFM was carried out as a share sale agreement.
(3) Cofely,a GDF SUEZ company is a European leader in energy, technical and facilities management services. We develop innovative solutions that improve the efficiency of cities, buildings, industry and infrastructure. As a leading service business across public, private and healthcare sectors, we guarantee transformational outcomes – from reducing cost & environmental impact and maximising operational resilience, to improving the quality & efficiency of business processes.
Cofely in the United Kingdom and Republic of Ireland (UK & ROI) has a turnover of £1 billion, and employs over 15,000 people. Cofely operates on 14,000 customer sites throughout the UK & ROI, totalling over 23.6 million sq m. of managed space.
Cofely is part of GDF SUEZ Energy Services, one of the five business lines of GDF SUEZ. GDF SUEZ Energy Services has 90,000 employees and revenues of €14.7 billion in 2013.
Lend Lease is a leading international property and infrastructure group. In the UK, it is the only fully integrated retail, residential and commercial provider delivering end-to-end property solutions. The company has core capabilities in development, investment management, construction, asset and property management.
Lend Lease is listed on the Australian Securities Exchange and operates in four key regions – Australia, Asia, Americas and EMEA (Europe, Middle East, Africa). The group has more than 13,500 employees worldwide.
GDF SUEZ develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: independent power production, liquefied natural gas, renewable energy and energy efficiency services.GDF SUEZ employs 147,200 people worldwide and achieved revenues of €81,3 billion in 2013. The Group is listed on the Paris, Brussels and Luxembourg stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe and Euronext Vigeo (World 120, Eurozone 120, Europe 120 and France 20).