HARTFORD, Conn.--(BUSINESS WIRE)--FM Facility Maintenance announced today it has raised $12 million in a Series A Preferred Stock offering. The capital investment will be used for strategic acquisitions in the facility maintenance industry.
"Despite challenging capital and debt markets, we are pleased that the response from the investment community exceeded our goal of $10 million in new capital," said FM Chairman Jim Barnes.
FM President & CEO Jim Reavey further commented, "Our strong organic growth and robust business platform have proven recession resistant characteristics that investors find dynamic coupled with stable cash flows."
He added, “Retail customers are being forced to look at new ways to maximize service leverage while reducing cost which plays well for FM's unique guaranteed rate model."
About FM Facility Maintenance
FM Facility Maintenance is a leading provider of facility management for clients with multisite restaurant and retail locations in the United States. The company provides an unparalleled level of service in more than 40 trades. FM Facility Maintenance manages over 30,000 customer locations nationwide, representing more than 1 million service requests annually. Current run rate revenues are approximately $350 million plus $100 million of pass through revenue. Based in Hartford, Connecticut, FM Facility Maintenance is privately held. More information is available www.fmfacilitymaintenance.com.