CBRE Group, Inc., has completed its acquisition of Arlington Capital Partners-backed J&J Worldwide Services.
J&J serves the Defense Department through long-term, fixed-price contracts. It employs over 3,300 people globally, and serves over 250 hospitals, clinics and military installations around the world ⏤ including Brooke Army Medical Center, Walter Reed National Military Medical Center and the U.S. Naval Academy.
“The acquisition is consistent with key elements of our M&A strategy that focus on enhancing our technical services capabilities, increasing revenue resilience and secular growth, and expanding our government client base within our Global Workplace Solutions segment,” said Bob Sulentic, chair and CEO of CBRE.
“We are adding a company with deep government contracting experience, long-term customer relationships and a 50-year record of outstanding technical service delivery.”
CBRE purchased J&J for $800 million in cash, plus a potential earn-out of up to $250 million, payable in 2027. Details are still subject to the acquired business meeting certain performance thresholds, according to the company.