GCA Services Group
10-K - Dec 17, 2020
In 2017, we acquired GCA Services Group (“GCA”), a provider of integrated facility services to educational institutions and commercial facilities, for approximately $1.3 billion, the largest acquis...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
ABM Industries Incorporated
ABMActiveCIK 771497 · Business Services & Route-Based
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, ABM filings, SEC EDGAR
$2,353
Market cap ($MM)
$3,991
Enterprise value ($MM)
$8,875
Revenue · LTM ($MM)
$422
EBITDA · LTM ($MM)
5%
EBITDA margin
0.4x
EV / revenue
9.5x
EV / EBITDA
3.6x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01ABM is a scaled public consolidator in Route-Based, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is CTAS, ROL, ARMK, BRO, WSC, SCI.
Balance sheet & capacity
Indicative capacity read: 3.6x net debt / EBITDA with EBITDA of $422MM.
$100
Cash & equiv. ($MM)
$1,601
Total debt ($MM)
$1,500
Net debt ($MM)
3.6x
Net debt / EBITDA
Valuation
Where it trades against its peer set
ABM versus the scaled public Business Services & Route-Based comparables.
Indexed share-price performance
ABM versus available Business Services & Route-Based peers and SPY.
-20%
ABM
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| ABM Industries Incorporated | ABM | $8,875 | $422 | 5% | $2,353 | $3,991 | 0.4x | 9.5x | 3.6x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
ABM's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
118
Active years
16
Named deals
10
Avg / active year
7.4
Acq. cash outflow ($MM)
N/A
Banker read
- 01ABM reads as a programmatic acquirer: 118 disclosed acquisitions across 16 active years, or 7.4 per active year. The chart shows activity in 12 of the last 12 visible years.
- 02In the last three years, the file shows 5 acquisitions versus 3 in the prior three; recent activity is running above the prior three-year period.
- 03Spend changes the read: $3.2B of disclosed spend is concentrated in lumpy years, with FY17 the largest year at $840MM. Recent spend is below the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
ABM count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
5 / 3
Last three years is up 67% vs prior three.
Peak count year
FY10
3 disclosed acquisitions in the peak visible year.
Recent spend
$346MM
is down 78% vs prior three; peak FY17 at $840MM.
Named evidence
10 rows
8.5% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Sep 1, 2017 | GCA Services Group | Business services and route-based compounders | $1,300 | In 2017, we acquired GCA Services Group (“GCA”), a provider of integrated facility services to educational institutions and commercial facilities, for approximately $1.3 billion... | 10-K† |
| Sep 1, 2017 | GCA Services | Business services and route-based compounders | $1,300 | In 2017, we completed the acquisition of GCA Services, a provider of integrated facility services to educational institutions and commercial facilities for $1.3 billion, the lar... | 10-K† |
| Sep 1, 2017 | GCA | Business services and route-based compounders | $1,259 | On September 1, 2017, we acquired all of the outstanding stock of GCA, a provider of integrated facility services to educational institutions and commercial facilities, for a pu... | 10-K† |
| Sep 1, 2017 | GCA Services Group | Business services and route-based compounders | $1,259 | On September 1, 2017 (the “Acquisition Date”), we acquired GCA, a provider of integrated facility services to educational institutions and commercial facilities, for approximate... | 10-K† |
| Sep 30, 2021 | Able | Business services and route-based compounders | $742 | On September 30, 2021, we completed the Able Acquisition for a net cash purchase price of $741.7 million. Pursuant to the terms of the purchase agreement, approximately $12.1 mi... | 10-K† |
| Nov 14, 2007 | OneSource Services, Inc. | Business services and route-based compounders | $391 | On November 14, 2007, ABM acquired OneSource Services, Inc. (“OneSource”), a company formed under the laws of Belize, with U.S. operations headquartered in Atlanta, Georgia for... | 10-K† |
| Dec 1, 2010 | The Linc Group, LLC | Business services and route-based compounders | $299 | On December 1, 2010 the Company acquired all of the outstanding limited liability company interests of The Linc Group, LLC (“Linc”) for an aggregate purchase price of $298.7 mil... | 10-K† |
| Dec 1, 2010 | The Linc Group, LLC | Business services and route-based compounders | $299 | On December 1, 2010, the Company acquired The Linc Group, LLC (“Linc”) pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), by and among ABM, Linc, GI Manager L... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 9 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
22
Named deal filings
9
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.22 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Dec 19, 2025 | Annual M&A 10-K | warning (1 warn) | 2 | $36.7MM | $28.3MM | SEC filing |
| FY2024 | Dec 19, 2024 | Annual M&A 10-K | accepted | 1 | $114MM | $118MM | SEC filing |
| FY2022 | Dec 21, 2022 | Annual M&A 10-K | accepted | 2 | $195MM | $225MM | SEC filing |
| FY2021 | Dec 22, 2021 | Annual M&A 10-K | accepted | 1 | $710MM | $742MM | SEC filing |
| FY2020 | Dec 17, 2020 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2019 | Dec 20, 2019 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2018 | Dec 21, 2018 | Annual M&A 10-K | quarantined (1 issue) | 0 | N/A | N/A | SEC filing |
| FY2017 | Dec 22, 2017 | Annual M&A 10-K | warning (1 warn) | 1 | $840MM | $1.3B | SEC filing |
| FY2016 | Dec 21, 2016 | Annual M&A 10-K | accepted | 1 | $16.1MM | $16.1MM | SEC filing |
| FY2015 | Dec 17, 2015 | Annual M&A 10-K | accepted | 1 | N/A | $18.8MM | SEC filing |
| FY2014 | Dec 17, 2014 | Annual M&A 10-K | accepted | 3 | $52.7MM | $52.7MM | SEC filing |
| FY2013 | Dec 18, 2013 | Annual M&A 10-K | accepted | 5 | $211MM | $213MM | SEC filing |
| FY2012 | Dec 20, 2012 | Annual M&A 10-K | quarantined (1 warn, 2 issue) | 2 | $6.0MM | $192MM | SEC filing |
| FY2011 | Dec 23, 2011 | Annual M&A 10-K | accepted | 1 | $291MM | $299MM | SEC filing |
| FY2010 | Dec 23, 2010 | Annual M&A 10-K | accepted | 4 | $366MM | $366MM | SEC filing |
| FY2009 | Dec 22, 2009 | Annual M&A 10-K | accepted | 1 | $21.1MM | $15.1MM | SEC filing |
| FY2008 | Dec 22, 2008 | Annual M&A 10-K | accepted | 2 | $423MM | $416MM | SEC filing |
| FY2007 | Dec 21, 2007 | Annual M&A 10-K | accepted | 2 | $375MM | $377MM | SEC filing |
| FY2006 | Dec 22, 2006 | Annual M&A 10-K | accepted | 5 | $10.0MM | $10.0MM | SEC filing |
| FY2005 | Mar 29, 2006 | Annual M&A 10-K | warning (1 warn) | 4 | $26.9MM | $20.9MM | SEC filing |
| FY2004 | Jan 14, 2005 | Annual M&A 10-K | accepted | 2 | $54.2MM | $75.2MM | SEC filing |
| FY2003 | Jan 14, 2004 | Annual M&A 10-K | accepted | 3 | $40.6MM | $29.2MM | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.9 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Dec 19, 2024 | 10-K | Quality Uptime Services, Inc. | Annual M&ANamed deals | SEC filing |
| Dec 22, 2021 | 10-K | Able | Annual M&ANamed deals | SEC filing |
| Dec 17, 2020 | 10-K | GCA Services Group | Annual M&ANamed deals | SEC filing |
| Dec 21, 2018 | 10-K | GCA; GCA Services Group | Annual M&ANamed deals | SEC filing |
| Dec 22, 2017 | 10-K | GCA Services | Annual M&ANamed deals | SEC filing |
| Dec 18, 2013 | 10-K | Air Serv | Annual M&ANamed deals | SEC filing |
| Dec 20, 2012 | 10-K | The Linc Group, LLC | Annual M&ANamed deals | SEC filing |
| Dec 23, 2011 | 10-K | The Linc Group, LLC | Annual M&ANamed deals | SEC filing |
| Dec 22, 2008 | 10-K | OneSource Services, Inc. | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
GCA Services acquisition
10-K - Dec 22, 2017
In 2017, we completed the acquisition of GCA Services, a provider of integrated facility services to educational institutions and commercial facilities for $1.3 billion, the largest acquisition in ...
GCA
10-K - Dec 21, 2018
On September 1, 2017, we acquired all of the outstanding stock of GCA, a provider of integrated facility services to educational institutions and commercial facilities, for a purchase price of appr...
GCA Services Group acquisition
10-K - Dec 21, 2018
On September 1, 2017 (the “Acquisition Date”), we acquired GCA, a provider of integrated facility services to educational institutions and commercial facilities, for approximately $1.3 billion, con...
Able Acquisition
10-K - Dec 22, 2021
On September 30, 2021, we completed the Able Acquisition for a net cash purchase price of $741.7 million. Pursuant to the terms of the purchase agreement, approximately $12.1 million of the cash co...
OneSource Services, Inc.
10-K - Dec 22, 2008
On November 14, 2007, ABM acquired OneSource Services, Inc. (“OneSource”), a company formed under the laws of Belize, with U.S. operations headquartered in Atlanta, Georgia for an aggregate purchas...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.