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ISS completes acquisition.

ISS International Service System, Inc. has purchased the outstanding shares of National Cleaning Group, Inc. The acquisition was completed at a purchase price of $93.5 million.

With this transaction, ISS becomes by far the largest building and facilities maintenance organization in the United States, with annual revenues approximately $950 million, and with over 50,000 employees.

In their most recent fiscal year, which ended September 30,1992, National reported revenues of approximately $490 million, with 20,000 employees.

Subsequent to this acquisition, and the planned spin-off of National's security and elevator maintenance divisions, ISS will add pest control services to its full range of facilities maintenance services which include cleaning, specialty cleaning, mechanical and structural maintenance and operation, and landscape management services for commercial, industrial, educational, retail, and shopping mall customers nationwide.

ISS expects to obtain considerable synergistis and competitive advantages in the North American service market through this acquisition. The two organizations are highly complementary to each other with respect to both the geographical distribution of revenues and range of services provided.
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Title Annotation:Mid-Year Review & Forecast, Section I; ISS International Service System Inc. buys outstanding shares of National Cleaning Group Inc.
Publication:Real Estate Weekly
Date:Jun 23, 1993
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