Private investment firm Arlington Capital Partners has completed its sale of J&J Worldwide Services, a provider of engineering services, base support operations and facilities maintenance for the US federal government to CBRE in a deal worth up to $1.05bn.
J&J primarily serves the US Department of Defense through long-term, fixed-price contracts. 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. It serves such facilities as Brooke Army Medical Center, Walter Reed National Military Medical Center and the United States Naval Academy.
As previously announced, CBRE has purchased J&J for $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.
Source: Private Equity Wire
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