LONDON, June 06, 2016 – Building on its globally-recognised Integrated Facilities Management business, JLL (NYSE:JLL) today announced that it has reached a definitive agreement to acquire Integral UK Ltd., the UK’s leading provider of mechanical and electrical property maintenance, in a move that will make JLL one of the largest mobile engineering services provider for property worldwide.
Originally formed in 1863, the company specialises in delivering facility maintenance services and complex mechanical and electrical engineering solutions to real estate owners, managers and occupiers. With more than 1,600 clients across 60,000 locations, Integral is known for delivering a broad scope of high-quality mechanical and electrical property maintenance services including mobile engineering, fire and life safety, and critical environment management.
The acquisition will strengthen JLL’s ability to self-perform property maintenance for clients across Europe, Middle East and Africa, adding to the more than 4 billion square feet of property currently serviced globally. It also will add to the company’s already strong base of transactional services and establishes an engineering centre of excellence in Bristol, which will help grow and develop existing and new talent.
Christian Ulbrich, President, JLL, said “Having worked together extensively over many years, we know that Integral will be a strategic fit to our growing Integrated Facilities Management platform and a synergistic match to JLL’s commitment to client service. Integral’s 3,700-strong team and reach throughout the UK will substantially strengthen and expand the outsourcing offer we can provide to corporate clients and to investor clients of our Property & Asset Management business.”
“There is a strong cultural fit because we share the values of ethics, excellence and teamwork,” said Bryan Glastonbury, Managing Director of Integral. “What’s exciting is the future that we can shape together for our clients and staff. By aligning our mechanical and engineering capability with JLL’s deep expertise and global platform, we are building economies of scale and superior solutions for our combined client base”.
The acquisition has a total valuation of $330 million and is expected to close in August, subject to clearance from the European Commission. It is the latest example of JLL’s disciplined acquisition strategy which, since the start of 2015, has seen JLL announce or close 38 margin-accretive transactions with a combined value of approximately $1.2 billion.