Advisory Partner director Brett Plant, on behalf of corporate partner Lloyds Corporate Brokers, has managed the sale negotiations for Adelaide-based Zippy Cleaning and Maintenance Services to ACS Property Services, in Melbourne.
Zippy has been family owned and operated since 1985, when it was established by husband-and-wife team Olga and John Chiabrera. It has cleaning contracts for government and commercial premises across metropolitan, regional and remote South Australia and the Northern Territory, offices in Adelaide and Darwin, and 490 employees. Annual turnover is more than $20 million.
Peter Chiabrera, son of the founders and previously Zippy’s head of finance, said selling the business was “bitter sweet” for the family. He and his mother had maintained their strong involvement with Zippy after his father’s death in 2014, but it was now time for “a new chapter” for the company.
“The cleaning industry is a tough business. We’d like to do something less demanding and less intense,” he said.
Mr Chiabrera said Zippy Cleaning and Maintenance Services was “a well-oiled machine”, with a great workplace and many staff with extensive longevity who understood their roles and how they contributed to the company’s success.
Brett Plant said there was major interest in the well-established, professionally run business with five offers received.
“It took a long time to work through the offers and meet potential investors, but the family was determined they wanted the best cultural fit for the business. Zippy has employees rather than subcontractors and a strong commitment to supporting diversity and fostering growth for Indigenous people through its Reconciliation Action Plan,” he said.
“Fortunately, with so many offers, the family could be selective to ensure their company and its team would be in good hands. We were able to accomplish a win-win for both parties.”
Brett said the purchaser shared a family business ethos rather than a purely corporate culture. The price was subject to a confidentiality agreement.
Advisory Partner, with offices in Brisbane, Rockhampton, Beaudesert and Toowoomba, provides advisory services, including business sales and valuations and financial modelling.