CBRE Update 02/28/24

CBRE Group, Inc. Closes Acquisition of J&J Worldwide Services

CBRE Group, Inc. and Arlington Capital Partners have announced CBRE’s completion of its acquisition of J&J Worldwide Services, a leading provider of engineering services, base support operations and facilities maintenance for the U.S. federal government from Arlington, a Washington, D.C.-area private investment firm specializing in government regulated industries.

J&J primarily serves the U.S. Department of Defense through long-term, fixed-price contracts. The company employs more than 3,300 people worldwide, serving more than 250 hospitals, clinics and military installations primarily in the United States, as well as in Europe, Asia, the Caribbean and the Middle East. It serves such facilities as Brooke Army Medical Center, Walter Reed National Military Medical Center and the United States Naval Academy.

“The acquisition is consistent with key elements of our M&A strategy that focus on enhancing our technical services capabilities, increasing revenue resilience and secular growth, and expanding our government client base within our Global Workplace Solutions segment,” said Bob Sulentic, chair & chief executive officer of CBRE. “We are adding a company with deep government contracting experience, long-term customer relationships and a 50-year record of outstanding technical service delivery.”

As previously announced, CBRE has purchased J&J for $800 million in cash, plus a potential earn-out of up to $250 million, payable in 2027, subject to the acquired business meeting certain performance thresholds.

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