Bidvest Group Limited (South Africa) → B.I.C. Services Pty Limited (BIC Australia)
completedDeal announced2022-07-07
BuyerBidvest Group Limited (South Africa)
SellerB.I.C. Services Pty Limited (BIC Australia)
SectorFacilities Management/Cleaning Services
ValueA$160.0M
Deal typeM&A
South Africa's Bidvest Group acquired Sydney-headquartered facilities management and cleaning services provider BIC (established 1989, ~2,500 employees across ~3,250 sites) for an enterprise value of A$160 million, effective 7 July 2022.
Why the buyer wanted it
Bidvest wanted to expand its international presence in facilities management and hygiene services, targeting BIC's premium A-grade office client base in NSW.
Why the seller agreed
Not publicly disclosed.
Stock reaction
Not applicable — BIC Australia is privately held.
Deal mechanics
Deal structure
All-cash acquisition settled from proceeds of Bidvest's October 2021 international bond issuance
Financing source
International bond proceeds raised October 2021