Law Firms Widen the Breadth of Services
With rising client demand and competitive pressure from consulting and other professional services, law firms are widening their breadth of service beyond traditional legal services. Part of the drive for expanding law firms’ service offerings comes from clients wanting to solve more business problems in one-stop, particularly in the competitive risk and compliance space. Professions such as behavioral scientists and data experts are being hired to support law firms’ efforts to branch out.1
Ernst & Young to Split Auditing and Advisory Arm
While not tied to the record-breaking $100 million SEC fine, Big Four accounting firm EY plans a worldwide split of their auditing and advisory arms, following increased scrutiny from regulators concerned about potential conflicts of interest. With more accounting firms increasingly relying on advisory services, regulators are concerned the increase in advisory services will undermine the objectivity of their auditing function for clients that buy lucrative consulting services from them. EY believes the split would benefit both firms by being free of regulatory restrictions.2 3 4
Healthcare Operators Turning to Third-Party Facility Management
With healthcare acquisitions sharply rising, operators are increasingly turning to third-party facility management to streamline work, reduce costs, and improve the quality of their facilities. Part of the move comes from an economy-wide shortage of facility management technicians, further getting stretched by projects coming from increased acquisition activity. According to JLL, approximately two-thirds of the facility management technician workforce is expected to retire within the next couple of years with limited succession plans in place.5
ABM Announces Rollout of New Business Venture Program
ABM Industries, one of the world’s largest facility service providers, is launching a new business venture program as part of its ELEVATE strategy to accelerate growth. The venture program, ABM Ventures, invests in growth-stage companies solving some of the industry’s biggest challenges, including sustainability, virtual and digital workplace services, and e-mobility. The company seeks scalable, innovative, and disruptive technologies the company can leverage for long-term growth.6
Largest Transactions Closed
- US Ecology, Inc.
- Republic Services, Inc.
- Valley Proteins, Inc.
- Darling Ingredients Inc.
- Verisk Financial
- TransUnion LLC
- Explora BioLabs Holdings, Inc.
- Charles River Laboratories International, Inc.
- Volt Information Sciences, Inc.
- American CyberSystems, Inc.
- HALCON Corporation
- Steelcase Inc.
Other Financial Buyer Transactions Closed
- Knowledge Strategies Inc.
- Pluribus Technologies Corp.
- Vialto Partners
- Clayton, Dubilier & Rice, LLC
- EAB Global, Inc.
- BC Partners LLP
Other Strategic Buyer Transactions Closed
- Convergence Acceleration Solutions, LLC
- Wipro Limited
- Southern Traffic Services Inc
- Rekor Systems, Inc.
- Headway Workforce Solutions, Inc.
- Staffing 360 Solutions, Inc.
- Media Management, Inc.
- Ebiquity Inc.
- Clinical Consultants International LLC
- Novo Integrated Sciences, Inc.
This report represents transaction activity as mergers & acquisitions, consolidations, restructurings and spin-offs. Targets are defined as U.S. Based companies with either foreign or U.S. based buyers. Transaction information provided is based on closed dates only.
EBIT - Earnings Before Interest and Taxes