GDI Integrated Facility Services Completes 2 U.S. Acquisitions

GDI Integrated Facility Services Inc. (GDI) announced Thursday that two acquisitions were successfully completed by its operating subsidiaries in September. GDI provides commercial facility services including cleaning, food sanitation, and hotel services.

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Ainsworth Inc. continued to expand in the United States with the acquisition of Enginuity, LLC, effective September 1, 2021. Enginuity is a leading mechanical contractor and service provider in the design and construction industry in Pennsylvania and Maryland.

On Wednesday, Superior Solutions S.E.C. completed the acquisition of certain assets of Fuller Industries, LLC, through a newly incorporated U.S. subsidiary.

Based in Great Bend, Kansas, Fuller manufactures a full line of cleaning chemicals, as well as a line of cleaning products such as spray bottles, plastic containers, brooms, and brushes serving the commercial and industrial markets.

GDI president and CEO Claude Bigras said, “Enginuity is a very well-run business with a strong culture that is perfectly aligned with our own, and it is a solid strategic fit as it operates within GDI’s existing Janitorial USA geographic footprint.

“Joining forces with Fuller provides us with a large manufacturing platform in the geographic center of the U.S. market and a significant amount of excess capacity to support future growth.”

The combined annual revenue generated by Enginuity and Fuller, on a proforma basis, and as generated in their last 12 months, was approximately $60 million. (See GDI Integrated stock charts on TipRanks)

Last month, CIBC analyst Scott Fromson reiterated a Hold rating on GDI while, raising its price target to C$59 (from C$56). This implies 2.7% upside potential.

Overall, GDI scores a Moderate Buy consensus rating, based on one Buy and one Hold. The average GDI Integrated price target of C$67 implies 16.6% upside potential to current levels.