CBRE Spends $1B on Facilities Maintenance Firm

Dallas-based CBRE Group acquired J&J Worldwide Services, a leading provider of engineering services, base support operations and facilities maintenance for the U.S. federal government, from Arlington Capital Partners, a Washington, D.C.-area private investment firm specializing in government-regulated industries.

The initial purchase price is $800 million in cash, plus a potential earn-out of up to $250 million, payable in 2027, subject to the acquired business meeting certain performance thresholds. In 2024, J&J is projected to produce more than $525 million of revenue and approximately $65 million of EBITDA. continuing its recent track record of low double-digit annual growth.

The company employs more than 3,300 people worldwide, serving more than 250 hospitals, clinics and military installations primarily in the United States as well as in Europe, Asia, the Caribbean, and the Middle East.