Bidvest acquires entire shareholding in Dublin-based Noonan
Johannesburg-listed Bidvest Group has acquired the Dublin-based outsourcing solutions company Noonan for a consideration of €175m following an agreement with private-equity firm Alchemy, which acquired Noonon in 2008.
The transaction is subject to approval from the South African Reserve Bank.
The existing management team at Noonan will continue to be led by CEO John O’Donoghue.
Noonan, which provides clients with facilities management services, employs over 13,000 people across Ireland and the UK.
In 2015 the company had revenue of €304m.
In recent years Noonan as acquired a number of businesses such as Resource Group, Federal Security and the Security Services Division of Brink’s in Ireland, as it expanded its market presence.
The company was bought by Alchemy in 2008 for €90m.
Welcoming Bidvest as Noonan’s new owners, Mr O’Donoghue said that Noonon looked forward to working with Bidvest "in realising our joint ambition for the business and to capitalise on the significant opportunities in our sector and key markets."
Bidvest is a diversified publicly listed services, trading and distribution company, employing over 114,000 people across its divisions.
In 2016 Bidvest had a trading profit of €3.8bn.