Mark Minasian, Chief Executive Officer of KBS stated, “Varsity is an iconic service brand in North America and we are very pleased to warmly welcome Eric Luke and his team into the KBS platform. We want to thank and pay respect to Varsity Founder Don Aslett and Chairman Arlo Luke, who are pioneers in our industry and whose vision and character were fundamental in shaping Varsity’s unique service culture.” Minasian continued, “This acquisition marks an important milestone as we continue to execute on our technology-enabled growth strategy, expanding our service and enhancing our sector diversification. The combined company now delivers service to more than 41,000 locations in North America. We intend to leverage our enhanced scale, end market exposure and proprietary technology platform to further accelerate value creation, while delivering best-in-class outcomes for our customers, people and sponsors.”
Varsity primarily serves the institutional, education, healthcare, distribution, corporate campus and government markets and continues KBS’s strategy to serve multi-site customers across end markets. KBS and Varsity offer integrated maintenance services allowing customers the option to bundle a combination of services or to select single services.
Eric Luke, Chief Executive Officer and President of Varsity Facility Services said, “KBS and Varsity have long histories in the facilities services industry and we’ve both enjoyed long-tenured relationships with our customers. We at Varsity are enthusiastic about becoming part of KBS and leveraging its proprietary labor management and service delivery technology to drive additional efficiency and be even more responsive to customers.”
Hoon Cho, Managing Director at GI Partners said, “The acquisition of Varsity aligns with the strategic plan we underwrote when we partnered with KBS in 2014. The foundation of the plan was to build a best-in-class technology platform that would further differentiate KBS in the marketplace and allow it to provide the most efficient and highest quality service to customers, leading to transformation of the facilities services space. To that end, KBS has developed an impressive technology-enabled facilities services platform and has distanced itself from the competition, setting the standard for modern service delivery for customers in multiple end markets while simultaneously becoming the buyer of choice for sellers of high quality facilities services companies across end markets and service offerings. This is the second acquisition by KBS this year with a robust pipeline of additional opportunities to follow. We congratulate Mark and the KBS team on the acquisition and welcome the Varsity team to KBS.”
KBS’s core services are interior and exterior contract cleaning, facilities repair and maintenance, landscape management, and parking lot maintenance. Varsity’s core services are contract cleaning, building maintenance, and construction management.