FM Facility Maintenance in Hartford announced Thursday that it has raised $12 million in a private placement of preferred stock to finance a buying spree.
The privately held company will use the money to expand its footprint and pursue “strategic acquisitions in the facility maintenance industry,” company officials said in a statement. They did not elaborate.
“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, formerly known as Integrated Process Technologies, was acquired in 2004 by Barnes, founder of East Hartford-based Oakleaf. Jim Reavey is FM’s CEO.
FM also handles facility maintenance for 7-Eleven, Outback Steakhouse restaurants, ExxonMobil, Goodyear Tires and Dollar General stores.
