NEW YORK, Oct. 19, 2004 (PRIMEZONE) -- The Jordan Company, L.P. ("Jordan") announced today that TTS, LLC ("TTS"), a company formed by Jordan, has completed the acquisition of Tolin Mechanical Systems Company ("Tolin") for approximately $50 million. The acquisition was funded by equity capital provided by The Resolute Fund, LP, a $1.5 billion private equity fund managed by Jordan.
Tolin is one of the largest independent technical facilities service providers in the United States and will serve as the platform for Jordan's build-up strategy in technical facilities services through TTS. It is anticipated that by year-end 2004 an additional three acquisitions will be closed driving TTS's revenues to over $100 million.
Tolin provides single source facilities maintenance programs for critical and complex technical systems such as building automation, temperature control, HVAC, fire and life safety, and electrical distribution. Their technical facilities maintenance programs focus on predictive, preventive and reactive maintenance and retrofits as opposed to new construction. Tolin's growing national footprint allows commercial, industrial and institutional property owners and managers manage their technical systems through Tolin's Mobile Technical Services or On-Site Facilities Services with consistency, reliability and cost-effectiveness.
TTS was formed by Jordan in partnership with industry executive W. Frank Blount in order to build a national contractually based technical facilities services business. Mr. Blount formerly served as Chief Executive Officer of Telstra, Inc., the indigenous Australian telephone company, and prior to that, as Group President of AT&T Corporation. He was responsible for dispatched technical work forces numbering over 25,000 certified technicians and will oversee the operations of the TTS strategic build-up.
TTS and Tolin management are working in concert to aggressively pursue the acquisition of complementary businesses for Tolin and TTS as well as driving organic growth initiatives. Businesses that manage the critical technical systems Tolin manages (building automation, temperature control, HVAC, fire and life safety, electrical distribution) are of particular interest. In addition, TTS is specifically targeting businesses providing elevator services and data and telecommunication network services.
About The Jordan Company
The Jordan Company, L.P. is a New York-based investment firm with approximately $2.5 billion of capital under management that has been sponsoring and investing in middle market leveraged buyout transactions for more than 20 years. Jordan currently has a portfolio of private equity investments representing more than $4.0 billion in annual revenue.