LASALLE, QC, Feb. 1, 2024 /CNW/ - GDI Integrated Facility Services Inc. ("GDI" or the "Company") (TSX: GDI) is pleased to announce that it has entered into a definitive agreement for the sale of its Superior Solutions Ltd. ("Superior") janitorial products distribution business to Imperial Dade Canada ("Imperial Dade"). Superior's chemical manufacturing business was not included in the transaction. Closing of the transaction is expected to take place at the end of Q1 2024.
"I am pleased to announce the sale of Superior to Imperial Dade," stated Claude Bigras, President and CEO of GDI. "We successfully built this business into one of the largest distributors of janitorial products and equipment in Canada. I feel that now is the opportune time for Superior to take the next step in its strategic development under the leadership of Imperial Dade, one of the largest and leading jan/san distributors in North America. As part of the transaction, we are keeping our chemical manufacturing business and will continue to supply GDI's needs while also pursuing white label manufacturing opportunities for which the business has experienced recent success. Finally, I would like to thank the employees of Superior for all of their hard work and dedication throughout the years," concluded Mr. Bigras.
"On behalf of Imperial Dade, congratulations to GDI and the Superior team for building a fantastic organization. We are extremely excited to have worked alongside such a reputable organization and are looking forward to this next chapter of growth," said Jason Tillis, CEO of Imperial Dade. "Superior's reputation in the industry and exceptional customer service make it a great addition to the Imperial Dade platform. Imperial Dade looks forward to building upon its already established success and continuing to find ways to better serve its customers and vendor partners," said Stephane Lapointe, President of Imperial Dade Canada.
GDI is a leading integrated commercial facility services provider which offers a range of services in Canada and the United States to owners and managers of a variety of facility types including office buildings, educational facilities, distribution centers, industrial facilities, healthcare establishments, stadiums and event venues, hotels, shopping centres, airports and other transportation facilities. GDI's commercial facility services capabilities include commercial janitorial and building maintenance, energy advisory and system optimization, the installation, maintenance and repair of HVAC-R, mechanical, electrical and building automation systems, as well as other complementary services such as janitorial products manufacturing and distribution. GDI's subordinate voting shares are listed on the Toronto Stock Exchange (TSX: GDI). Additional information on GDI can be found on its website at www.gdi.com.
Certain statements in this press release may constitute forward-looking information within the meaning of securities laws. Forward looking information may relate to GDI's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee"; "ensure" or other similar expressions concerning matters that are not historical facts. In particular, statements regarding GDI's future operating results and economic performance, and its objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities, which GDI believes are reasonable as of the current date. While management considers these assumptions to be reasonable based on information currently available to the Company, they may prove to be incorrect. It is impossible for GDI to predict with certainty the impact that the current economic uncertainties may have on future results. Forward-looking information is also subject to certain factors, including risks and uncertainties (described in the "Risk Factors" section) that could cause actual results to differ materially from what GDI currently expects. Namely, these factors include risks pertaining to unsuccessful implementation of the business strategy, inherent operating risks of acquisition activity, failure to integrate, decline in commercial real estate occupancy levels, increase in costs which cannot be passed on to customers, labour shortages, disruption in information technology systems and execution issues with Strategic IT projects, increases in interest rates, deterioration in general economic conditions, prolonged armed conflict in Ukraine, COVID-19 and related pandemic, increase in competition, influence of the principal shareholders, loss of key or long-term customers, public procurement laws and regulations, legal proceedings, reputational damage, labour disputes, environmental, social and governance (ESG) considerations, goodwill and long-lived assets impairment charges, tax matters, dependence on key employees, participation in multi-employer pension plans, legislation or other governmental action, exchange rate fluctuations, disputes with franchisees, cybersecurity and data protection, data confidentiality, and public perception of our environmental footprint, many of which are beyond the Company's control. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While management may elect to, the Company is under no obligation and does not undertake to update or alter this information at any particular time, except as may be required by law.
SOURCE GDI Integrated Facility Services Inc.
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