Johns Lyng Group has agreed to a takeover deal by US private equity group Pacific Equity Partners (PEP). The building services company signed a scheme implementation deed with PEP subsidiary Sherwood BidCo for an offer of $4 per share. This values Johns Lyng’s equity at approximately $1.1 billion and implies an enterprise value of $1.3 billion.
Johns Lyng Group is an integrated building services company specialising in building and restoration services across Australia, New Zealand, and the United States. They work with insurers, commercial enterprises, and strata managers. The company’s chairman, Peter Nash, stated that PEP has recognised the inherent value of Johns Lyng’s operations in these key markets.
The proposed scheme represents an attractive transaction for Johns Lyng shareholders. It allows them to receive cash at a material premium. Further details regarding the scheme implementation deed and the next steps for shareholders will be released in due course.
