IRISH cleaning and security business Momentum Support has been acquired by the New York Stock Exchange listed ABM.
The Dublin-based group was set up in 1982 by Colin Maybin, who started out working in his family’s cleaning business based in Northern Ireland three years earlier.
The company, which now employs around 2,300 staff, retains a strong presence in Belfast, with a number of large cleaning and security contracts.
ABM the cash deal for Momentum would bring in an extra £53 million in revenue for the group.
The New York based facilities management provider employs around 140,000 world wide. It said the Momentum acquisition was part of ongoing efforts to ‘grow via strategic acquisitions which expand the company’s footprint in attractive geographies and end-markets’.
ABM’s president and chief executive, Scott Salmirs said: “Many of our clients have substantial operations in the Republic of Ireland and Northern Ireland, making this transaction a great example of our ability and desire to grow with our core customers in attractive markets.
“With Momentum, we gain even greater capacity to deliver market-leading services and efficiencies in more locations to our existing client base.”
Momentum’s former chief executive Ian Anderson, who now takes on the role of managing director in the region said the acquisition is a good fit for the Irish business.
Like ABM, we are laser focused on complete client satisfaction, accountability, and providing a respectful and rewarding experience for our team members. This transaction provides the opportunity to launch our organization into a bright future while continuing to serve our customers with excellence.”