NEW YORK – August 18, 2022 — Morris, Manning & Martin advised RavenVolt, Inc., in a definitive agreement to be acquired by ABM. Headquartered in Alpharetta, Georgia, RavenVolt is a leading nationwide provider of advanced turn-key microgrid systems utilized by diversified commercial and industrial customers, national retailers, utilities and municipalities.
ABM, which is traded on the NYSE, is one of the world’s largest providers of integrated facility services. A driving force for a cleaner, healthier, and more sustainable world, ABM provides essential services that improve the spaces and places that matter most. From curbside to rooftop, ABM offers a comprehensive array of facility services that include janitorial, engineering, parking, electrical & lighting, energy solutions, HVAC & mechanical, landscape & turf, and mission critical solutions. The acquisition is reflective of ABM’s ELEVATE strategy to grow via strategic acquisitions which expand the company’s core capabilities in attractive and dynamic end-markets, such as the rapidly growing and evolving microgrid market.
ABM will acquire RavenVolt for an initial purchase price of $170 million in cash at closing, plus the potential for post-closing earn-out consideration payable in cash in calendar years 2024, 2025 and 2026, if the RavenVolt business achieves certain financial metrics in calendar years 2023, 2024 and 2025. The maximum aggregate cash earn-out payment amount is $280 million, resulting in a maximum total purchase price of $450 million. To achieve the full earn-out of $280 million, RavenVolt would need to generate cumulative EBITDA of $150 million in calendar years 2023 through 2025.
The MMM team is led by Chris Maxwell, Scott Allen, George Reinhardt, Kevin Langley, and John Taylor in Atlanta. The all-cash transaction is expected to close during ABM’s fourth fiscal quarter of 2022, subject to the expiration of the applicable waiting period under the Hart-Scott-Rodino Antitrust Act and other closing conditions.
