ABM INDUSTRIES INC /DE/ acquires RavenVolt, Inc.

ABM INDUSTRIES INC /DE/ acquired RavenVolt, Inc. for $170 million cash plus contingent earn-out of up to $280 million, a transaction completed in September 2022, structured as all cash with earn-out.

RavenVolt, Inc. operates in Technical Solutions (microgrid / energy), is based in Alpharetta, Georgia (nationwide U.S.), had revenue of about $70 million to $80 million projected calendar 2022 revenue. RavenVolt, headquartered in Alpharetta, Georgia, is a nationwide provider of advanced turn-key microgrid systems used by commercial and industrial customers, national retailers, utilities, and municipalities. It designs and installs customized microgrid solutions, including RavenVolt-branded generators and switchgear delivering modular, redundant power. At acquisition it employed over 80 people and was projected to generate $70-$80 million revenue and $17-$19 million EBITDA in calendar 2022. ABM acquired RavenVolt for $170 million cash on September 1, 2022, with up to $280 million of contingent consideration payable through 2026 if EBITDA targets are met.

The acquisition of RavenVolt is reflective of ABM's ELEVATE strategy to grow via strategic acquisitions which expand the Company's core capabilities in attractive and dynamic end-markets, such as the rapidly growing and evolving microgrid market.

Rapidly growing microgrid market as commercial customers invest in on-site energy capacity, emissions reduction, and power resiliency; complements ABM's Bundled Energy, eMobility and Power solution lines. ABM Technical Solutions Scott Salmirs, FY2023 Q1 call: "RavenVolt continues to experience strong customer demand for its microgrid solutions, and the sales pipeline continues to grow... Total ATS backlog has grown significantly to nearly $450 million."