New Investment from KKR, Ares Management and
Blackrock Positions Company for Long-
Term Growth
OCEANSIDE, Calif., March 25, 2024 /PRNewswire/ -- KBS, a
leading privately held facility services provider in North America, announced today
a recapitalization by investment funds and accounts managed by
its long-time investors KKR ("KKR"), Ares Management ("Ares") and
Blackrock Capital Investment Advisors, LLC or affiliates thereof
("BlackRock"), which will become majority equity holders in the
Company.
The new investment will support the Company's ability to invest
further in go-to market capabilities and the delivery of
high-quality service to its customers.
Headquartered in Oceanside,
California, KBS is a leading provider of technology-enabled,
integrated facility management services to clients across
North America. With its
differentiated technology and comprehensive suite of facility
services, the Company delivers high-quality and cost-effective
solutions to clients in the industrial, commercial, logistics,
retail, and grocery sectors.
"Having the support of KKR, Ares, and BlackRock positions KBS
with unmatched strategic capacity and further enables the
acceleration of value creation at scale," said Mark Minasian, CEO of KBS. "We look
forward to working closely with these investors, leveraging their
deep experience in this next phase of development, while always
ensuring we continue to deliver outstanding service that raises
standards and lowers costs for our clients."
"We are pleased to support Mark and the KBS team in this
recapitalization, which will position the business for its next
chapter of growth," said Lauren
Krueger, a Managing Director in KKR's credit business.
"We are excited to help provide KBS with the additional capital
needed to help accelerate its growth while ensuring it continues to
provide market leading service to all of its customers," said
Adam Ferrarini, a Partner in Ares'
Credit Group.
About KBS
KBS is a trusted partner to leading
operations and facility managers across more than 100,000 client
locations throughout North
America. We provide essential facility services that deliver
healthy operations to businesses through scalable solutions
customized to meet client-specific requirements. Our expertise and
technology enable our teams to anticipate issues, ensure quality,
and maximize efficiency. With decades of experience, KBS is
committed to helping clients raise standards and lower costs with
the latest advances for maintaining healthy and safe
operations. Visit www.kbs-services.com for more
information.
About KKR
KKR is a leading global investment firm that
offers alternative asset management as well as capital markets and
insurance solutions. KKR aims to generate attractive investment
returns by following a patient and disciplined investment approach,
employing world-class people, and supporting growth in its
portfolio companies and communities. KKR sponsors investment funds
that invest in private equity, credit and real assets and has
strategic partners that manage hedge funds. KKR's insurance
subsidiaries offer retirement, life, and reinsurance products under
the management of Global Atlantic Financial Group. References
to KKR's investments may include the activities of its sponsored
funds and insurance subsidiaries. For additional information
about KKR & Co. Inc. (NYSE: KKR), please visit KKR's
website at www.KKR.com For additional information
about Global Atlantic Financial Group, please visit Global
Atlantic Financial Group's website
at www.globalatlantic.com.
About Ares Management Corporation
Ares Management
Corporation (NYSE: ARES) is a leading global alternative investment
manager offering clients complementary primary and secondary
investment solutions across the credit, private equity, real estate
and infrastructure asset classes. We seek to provide flexible
capital to support businesses and create value for our stakeholders
and within our communities. By collaborating across our investment
groups, we aim to generate consistent and attractive investment
returns throughout market cycles. As of December 31, 2023, Ares Management Corporation's
global platform had approximately $419
billion of assets under management, with approximately 2,850
employees operating across North
America, Europe,
Asia Pacific and the Middle East. For more information, please
visit www.aresmgmt.com.
Media Contact:
Erik Bratt
erik.bratt@kbs-services.com
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SOURCE Kellermeyer Bergensons Services LLC