THE BIDVEST GROUP LIMITED
Incorporated in the Republic of South Africa
Registration number: 1946/021180/06
ISIN: ZAE000117321
“Bidvest” or “the Company”


VOLUNTARY ANNOUNCEMENT: BIDVEST                       ACQUIRES        CONSOLIDATED
PROPERTY SERVICES AUSTRALIA
Introduction
Bidvest is pleased to announce that it has acquired 100% of Consolidated Property
Services Pty Limited (“CPS”) from its private shareholders (“the Acquisition”), effective
20 September 2023. All conditions have been fulfilled and the purchase consideration
settled using the Group’s international funding facilities.
CPS’s current management team has signed service agreements and remains
committed to the business.
The Acquisition will double Bidvest’s facilities management operations in Australia and
will be earnings and return accretive to Bidvest.
Overview of CPS
Established in 1977, CPS is a leading Australian provider of integrated property
services to more than 145 sites across Victoria, New South Wales and South Australia.
Its core cleaning services are focused on tier 1 commercial and retail customers mainly
in Victoria and is complemented by technical, hygiene and waste management
services.
The vast majority of its revenue is generated from direct contracts with building owners
and tenants, with many of these relationships spanning in excess of ten years. CPS
leverages automation and robotics, smart services and data analytics to drive its
competitive advantage and is Australia’s first Climate Active certified cleaning provider
offering opt-in carbon neutral cleaning.
CPS is headquartered in Melbourne, employs almost 3,500 people and is led by a
management team with an average tenure of twelve years. There is a strong focus on
training and career development, illustrated by 80% of current management starting
their careers in operations.
Rationale for the Acquisition
The acquisition of CPS is aligned to Bidvest’s stated strategic intent of expanding its
international presence in facilities management as well as hygiene services and the
distribution of plumbing and related products. The operational footprint of CPS is
complementary to that of BIC, Bidvest’s existing facilities management business in
Australia, and will add scale that will benefit all stakeholders.
CPS meets Bidvest’s acquisition criteria of being a meaningful player in its chosen
niche and led by a management team with deep industry knowledge. Revenue visibility
is underpinned by annuity, contractual income converting into good operational cash
generation. We aim to realise additional value through the delivery of a cost-effective
facilities management service off a broader geographic reach and service basket in
Australia.
Categorisation of the Acquisition
The acquisition of CPS does not constitute a categorised transaction in terms of the
Listings Requirements of the JSE Limited and accordingly this information is disclosed
on a voluntary basis.


20 September 2023


Financial advisor to Bidvest:
Bank of America Securities (South Africa)
Transactional services advisor to Bidvest:
Deloitte South Africa
Legal advisor to Bidvest:
Gilbert and Tobin
Sponsor to Bidvest:
Investec Bank Limited


Financial advisor to CPS and CPS Shareholders:
MA Moelis Australia
Legal advisor to CPS and CPS Shareholders:
Mills Oakley