The development came weeks after CBRE agreed to buy J&J through a transaction that includes a potential earnout of up to $250 million, payable in 2027 and subject to the acquired entity meeting certain performance thresholds, the investment firms said in a joint release published Tuesday.
“The acquisition is consistent with key elements of our M&A strategy that focus on enhancing our technical services capabilities, increasing revenue resilience and secular growth, and expanding our government client base within our Global Workplace Solutions segment,” said Bob Sulentic, chair and CEO of CBRE.
“We are adding a company with deep government contracting experience, long-term customer relationships and a 50-year record of outstanding technical service delivery,” Sulentic added.
J&J provides engineering, facilities maintenance and base operations support services for the Department of Defense and other federal agencies through fixed-price contracts.
The company has more than 3,300 employees serving more than 250 military installations, hospitals and clinics across the U.S., Europe, the Caribbean, Asia and the Middle East. Walter Reed National Military Medical Center, Brooke Army Medical Center and the U.S. Naval Academy are some of the facilities being served by the company.
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