CBRE ACQUIRES ITALIAN LOCAL FACILITIES MANAGEMENT PROVIDER GEICO LENDER S.p.A
CBRE Group, Inc. (NYSE:CBG) today announced that it has acquired Geico Lender S.p.A (Geico Lender), a leading building technical engineering services provider in Italy.
Geico Lender will operate as part of CBRE’s Global Workplace Solutions (GWS) business in Italy and adds extensive specialist technical services capabilities to the integrated suite of services for occupier clients throughout Italy.
Founded in 1989, Geico Lender employs more than 300 staff members operating from six locations across Italy. The company provides a broad range of services focused on the maintenance and installation of HVAC, building automation and other technological systems for financial institutions and other private sector companies.
Ian Entwisle, CEO of CBRE GWS EMEA, said: “This acquisition adds extensive and complementary market-leading facilities management expertise to our existing GWS platform. Furthermore, it provides a strong platform from which to continue to build our facilities management capabilities in Italy and across Europe as a vital part of integrated occupier services for our clients. There is a growing trend amongst Italian corporations to outsource technical services and now with the expertise of Geico Lender within CBRE, we are in an even stronger position to deliver exceptional outcomes for our clients.”
Clemente Cilli, CEO and Founder of Geico Lender, said: “CBRE’s global footprint and broad occupier service offering is a critical factor which will enable us to deliver more advantages to our clients. We believe CBRE is the right cultural fit for us and importantly, we share a common ambition to continue to build and expand the business and to ensure we deliver world-class service to our clients.”
The Geico Lender acquisition complements the integration of both the Norland Managed Services business in the United Kingdom, acquired by CBRE in December 2013, and the facilities management business of Johnson Controls Incorporated, acquired by CBRE in September 2015, which added significant resources and capabilities in continental Europe.
Geico Lender was advised by EY as a financial advisor with a team composed of Gianni Panconi and Orazio Bocchieri and by the Lawyers Giuseppe Coco from Studio Legale Ughi e Nunziante and Dimitri Guarino.