India's leading Integrated Security & Facility Management Corporation-The Tenon Group on Wednesday announced the 100% acquisition of Office & General Group Limited (O&G), UK's leading independent Facility Management service company, for GBP 6.5 million ( INR approx 65 Crore), in cash and equity deal.
Barclays Bank has provided the necessary funding support. The acquisition represents the planned extension of Tenons vision of expansion not only in the Indian sub continent but also in the global arena. With the acquisition of O G the Tenon Group has catapulted its way above the INR 1000 crore mark, a vision that was defined by the Group Chairman Manjit Rajain in March 2014. This strategically complementary acquisition will not only add a growing revenue stream but also augment the service delivery capabilities and establish Tenon Group as an International player. The synergy of competencies will provide the clients with even greater level of service and support through the merging of resources and vast combined experience. OG is 27 year old Facility Management Company having a niche segment in the UK market dealing with commercial and office facility management encompassing soft and hard services. It has a leadership position in servicing Universities and Ministry of Defense besides other sectors. The company is headquartered in London with offices in Manchester and Wolverhampton. OG will bring to the table both expertise and skills from a mature market that will add immense value to the operational capability thus raising the bar of services delivery for the Group. This acquisition will bring to the Indian sub-continent the access to better control and international systems and processes from an established market. The Tenon Group has a strategic business expansion plan across Asia while having established its footprints in Saudi Arabia, Sri Lanka and Singapore. The client base of Tenon extends across diverse industry sectors. The company today has mandates from IT/ ITeS, Telecom, Commercial complexes, Retail, Manufacturing, Healthcare, Automobile, Manufacturing/ Electronic, Education, Pharmaceuticals, Banking FS Sector and Hospitality. Outlining the details of the acquisition, Manjit Rajain, Group Chairman, Tenon Group of Companies said, The acquisition is an excellent strategic fit, presenting a unique opportunity to leverage the complementary strengths of our robust portfolios and combine the specialized talent and capabilities of both companies to create a leading global business. It also reflects our commitment to prudently deploy capital to create shareholder value and deliver incremental revenue and EPS growth in the near-term.