New York City-based Veritas Capital has entered into a definitive agreement to acquire Markham, Ont.-headquartered technical integrated facilities management (IFM) services company BGIS from CCMP Capital Advisors, LP and Alberta Investment Management Corporation (AIMCo) for undisclosed financial terms.

The deal is expected to close in the fourth quarter of this year. BGIS chief executive officer Gord Hicks and the rest of the company’s management team will continue to lead the company to support its long-term growth strategy, Veritas said in a press release announcing the deal yesterday. 

BGIS combines engineering expertise with purpose-built digital facility management technology to help public and private sector clients improve operational performance, increase resiliency and maximize the value of their real estate assets.

The company has more than 12,000 employees managing more than 65,000 facilities totalling more than 620 million square feet globally. 

In addition to managing a diverse portfolio of industrial, government, commercial, healthcare, education and specialty retail assets, BGIS is a global leader in the commissioning and management of data centres and other critical environments.

BGIS’ ownership history

BGIS’ origins go back to 1992 when Johnson Controls formed a joint venture with Brookfield Properties called Brookfield LePage Johnson Controls. The company was renamed Brookfield Global Integrated Solutions in 2015, with Brookfield Asset Management as the parent company.

Brookfield Asset Management sold its BGIS shares to New York City-based CCMP Capital and Edmonton-headquartered AIMCo for more than US$1.3 billion in 2019. Brookfield Global Integrated Solutions then had to change its name to just BGIS to represent that it was no longer a Brookfield company.

"We are grateful for CCMP and AIMCo’s outstanding partnership as we meaningfully accelerated our growth through M&A and investments in people and technology since 2019,” Hicks said in the Veritas-issued media release.

“Veritas shares our vision and brings additional resources and capital to accelerate growth, expand our capabilities, and further invest in AI-enabled solutions.”

Veritas’ investment strategy

Veritas is a longstanding technology investor with more than US$54 billion of assets under management and a focus on companies operating at the intersection of technology and government, including those involved with healthcare, education, energy and national security. 

It invests in companies that provide mission-critical products, services and software — primarily technology and technology-enabled solutions — to government and commercial customers worldwide.

“BGIS has spent decades building its reputation as a leading independent IFM provider through a focus on operational excellence, technical talent, and a culture of continuous innovation,” James Dimitri, partner and co-head of Flagship Private Equity at Veritas, said in the release. 

“We see strong parallels with prior Veritas investments where specialized human capital and proprietary technology create a durable competitive advantage. 

“We look forward to partnering with Gord and the BGIS team to leverage Veritas’ technology investing playbook to accelerate its digital and AI roadmap, deepen its service capabilities, and drive strategic M&A to further extend the Company’s capabilities.”

AIMCo’s divestment of BGIS

A media release issued by AIMCo, one of Canada’s largest and most diversified institutional investment managers with more than $194.7 billion of assets under management at the end of 2025, said: 

“The transaction marks an important milestone in a long-term investment and is expected to deliver a positive outcome for AIMCo clients. 

“It reflects the value created over the ownership period through the combined efforts of the BGIS leadership team, employees, investment partners and shareholders.”