Tobila Systems Valuation Multiples

Aramark is an American food service and facilities services company headquartered in Center City, Philadelphia, Pennsylvania, and listed on the New York Stock Exchange. It runs cafeterias, catering, concessions and facility management under contract for clients in education, healthcare, business, corrections, sports and leisure, including major league sports venues and most of the food served on Amtrak trains. It operates in the United States and Canada and in 14 other countries, including the United Kingdom, Germany, Chile, Ireland and Spain, and earns contract revenue for the services it provides, buying food and supplies from manufacturers and distributors such as Sysco. Aramark reported revenue of US$18.5 billion and net income of US$326 million for its 2025 fiscal year, with 278,390 employees. It was founded in 1936 by Davre and Henry Davidson as Davidson Brothers, a vending business for aviation plant workers in Southern California, became Automatic Retailers of America in 1959 and adopted the Aramark name in 1994. A group led by long-time chief executive Joseph Neubauer with CCMP Capital, Goldman Sachs, Thomas H. Lee Partners and Warburg Pincus took it private in a deal completed in 2007. In 2023 it spun off its uniform business as the listed company Vestis; John Zillmer has been chief executive since October 2019.

Rentokil Initial is a British pest-control and hygiene services group based in southern England, listed on the London Stock Exchange (RTO) and the New York Stock Exchange and a member of the FTSE 100. It was founded in 1925 by Harold Maxwell-Lefroy as a pest-control company and grew through acquisitions, including BET plc in 1996, which added laundry and washroom services under the Initial brand. The group reported revenue of £6,908 million in 2025 and employs about 58,000 people, with operations across Europe, Australasia, Southeast Asia, the Caribbean, South Africa, North America and India. Its largest transaction was the acquisition of Terminix Global Holdings, announced in December 2021 at $6.7 billion and completed on 12 October 2022, which made North America its biggest market and created a business with about 4.9 million customers. Integration of Terminix has taken longer than first planned and is now expected to finish in 2026.

Madison Air Solutions Corp is an HVAC and indoor air-quality technology company. Its segments are Commercial and Residential. It generates the majority of its revenue from the Commercial segment, which includes Commercial businesses that deliver well-engineered, custom, and semi-custom air quality systems to support process control, regulatory compliance, energy efficiency, and productivity in mission-critical environments; and the Residential segment, anchored by trusted brands like AprilAire, Broan-NuTone, Zephyr, and Others. Its geographic areas are the U.S, the Americas, Europe, and Other. The group generates the majority of its revenue from the U.S market.

Sodexo is one of the largest food service companies globally, operating in 45 countries with annual sales exceeding EUR 20 billion. Sodexo's model rests on operating on-premises catering facilities, rather than centralized industrial kitchens. Food services remain the largest business segment, contributing 66% of revenue in 2024. Sodexo has its own group purchasing organization, or GPO, Entegra, with annual purchasing of over EUR 37 billion. The company spun off its benefits and service business, Pluxee, and now focuses on food services and its second business, facilities-management services.

ISS AS is a provider of workplace and facility service solutions with a focus on cleaning, property, catering, support, security, and facility management. It has four segments: Financial services, Professional services, Technology, and Life sciences. Its core services offered to customers consist of cleaning, food, technical, and workplace services. Revenue is mainly generated in European end markets, with the majority earned in the United Kingdom.

Brookfield Business Partners LP is a business services and industrials company. It focused on operating businesses that are either low-cost producers and benefit from high barriers to entry. The company's operating segment includes Business services; Infrastructure services; Industrials and Corporate and other. It generates maximum revenue from the Business Services segment. Geographically operates in USA, Europe, Australia, Brazil, Canada, UK, Mexico and Other, majority of revenue is from UK.

Elis SA provides rental-maintenance and circular service solutions to customers across the hospitality, healthcare, industrial, trade and services sectors. Its offerings include flat linen, workwear, washroom hygiene equipment, floor protection, cleanroom garments, pest-control services and other workplace well-being solutions. The company operates across Europe, Latin America and Asia.

HD Hyundai Marine Solution is a South Korean ship and engine aftermarket services company that was established in 2016 by integrating the vessel service organisation of HD Hyundai Heavy Industries, and was formerly named Hyundai Global Service. It provides maintenance, repair and management services for ships and for engines installed on them, including warranty agency work for vessels built by the HD Hyundai group. Its business lines also include marine fuel bunkering, eco-friendly conversion and retrofit of vessels, and software-defined vessel solutions. Its customers are shipowners and ship managers worldwide, and it is part of the HD Hyundai group. The company is listed on the Korea Exchange, where it went public in 2024, and it earns revenue mainly from services and parts.

Alliance Laundry Holdings Inc is designer and manufacturer of commercial laundry systems, serving diverse international markets. The company offers premium, durable laundry equipment under brands like Speed Queen, UniMac, Huebsch, Primus, IPSO, and others. It serves commercial laundry needs across healthcare, hotels, laundromats, and residential markets.

UniFirst Corp provides workplace uniforms and protective clothing in North America. Its products and services include designing, manufacturing, personalizing, renting, cleaning, delivering, and selling uniforms, protective clothing, industrial wiping and cleaning products, floor mats, facility service products, restroom and cleaning supplies, first aid cabinet services, safety supplies, and safety training. Its segments are Uniform & Facility Service Solutions, which generates maximum revenue, First Aid & Safety Solutions, and Other. The Uniform & Facility Service Solutions segment designs, manufactures, purchases, rents, cleans, delivers, and sells uniforms, protective clothing, and non-garment items in the U.S. and Canada.

Wuchan Zhongda Group Co Ltd is engaged in industrial investment, equity investment, asset management, investment management, management consulting, information consulting services. It is also engaged in car sales and leasing, e-commerce technology services, used car transactions and services.

MITIE Group PLC is a U.K.-based company. The company's reportable segments include Technical services, Business services, Central Government & Defence, Communities, and Corporate Centre. The company generates the majority of its revenue from the technical services and business services segments. Geographically, the company generates a majority of its revenue from the United Kingdom.

ABM Industries Inc is a provider of integrated facility solutions. It offers its solutions through five segments: Business and Industry, Manufacturing and Distribution, Education, Aviation and Technical solutions. The company derives the majority of its revenue from the business and industry segment, which encompasses janitorial, facilities engineering, and parking services for commercial real estate properties and sports and entertainment venues, hospitals, as well as vehicle maintenance and other services to rental car providers. The company mainly operates in the United States of America.

International Gemological Institute grades and certifies diamonds, coloured stones and jewellery through laboratories in many countries. Customers are jewellery makers, retailers and consumers. It is one of the largest gem grading firms worldwide, with its Indian listed arm based in Mumbai.

Badger Infrastructure Solutions Ltd is North America's provider of non-destructive excavating and related services, with operations in both the United States and Canada. Its key technology is the Badger Hydrovac, which is used predominantly for safe excavation around critical infrastructure and in congested underground conditions. The Badger Hydrovac uses a pressurized water stream to liquefy the soil cover, which is then removed with a powerful vacuum system and deposited into a storage tank. The company manufactures and designs its truck-mounted hydrovac units into its existing and future design and manufacturing processes. It provides services to contractors and facility owners in a range of infrastructure industries, general commercial construction and industrial cleaning services.

HAZAMA ANDO Corp is a Japanese company which is mainly engaged in construction and construction-related business. The company has three reportable segments namely Civil Engineering, Building Construction and Consolidated Subsidiaries. The Civil Engineering services include surveys, measurements, planning, designing, execution, supervising, technical guidance commissioning, and consulting work. It also provides collection, handling, and disposal of waste, and consulting work relating to such business as well as an area development, urban development, and environmental improvements. The majority of the company's revenue comes from the domestic business in Japan.

GPS Participacoes E Empreendimentos SA is engaged in the provision of property security services, sanitation and cleaning services, indoor logistics services, electronic security services, implementation, operation and building maintenance, maritime hotel services on oil platforms, kitchen services and meal sales, highway maintenance services, and participation in companies through the acquisition of shares or capital quotas.

Wintech Nano (Suzhou) Co Ltd is engaged in semiconductor third-party testing and analysis services.

Target Hospitality Corp is a vertically integrated specialty rental and hospitality services company in the United States. The company provides vertically integrated specialty rental and comprehensive hospitality services including catering food services, maintenance, housekeeping, grounds-keeping, on-site security, overall workforce lodge management, and laundry service. Its operating segment includes HFS-South and HFS-Midwest; Government; TCPL Keystone and others. It generates a majority of its revenue from the Government segment which consists of specialty rental and vertically integrated hospitality services revenue from customers with Government contracts located in Texas.

Perella Weinberg Partners is a global independent advisory firm founded in 2006 by Joseph Perella, Peter Weinberg and a group of senior finance professionals. The firm advises companies, boards, investors and governments on mergers and acquisitions, capital structure, restructuring, shareholder matters and strategic decisions. It launched with offices in New York and London and later expanded across major financial centres. Its revenue is derived primarily from advisory fees rather than lending, underwriting balance sheet or managing a large commercial bank. Istithmar supplied USD 100 million at launch as one of the firm’s strategic founding investors and represented roughly ten percent of the more than USD 1 billion of initial backing. The investment supported establishment of the advisory platform and its investment-management activities. Perella Weinberg later became publicly traded while retaining its independent advisory positioning.

BrightView Holdings Inc is a provider of commercial landscaping services in the United States. The company provides commercial landscaping services, landscape maintenance, and enhancements to tree care and landscape development. It operates through two segments namely Maintenance Services, and Development Services. The Maintenance Services are self-performed through a national branch network and are route-based in nature. It includes mowing, gardening, mulching and snow removal, water management etc. And Development Services are comprised of sophisticated design, coordination, and installation of landscapes at recognizable corporate, athletic, and university complexes. The company generates a majority of its revenue from Maintenance Services.

Open Up Group Inc provides human resource services and outsourcing or contracting services for manufacturing companies in Japan and overseas. The business segments of the company include: Mechatronics/IT field: it includes workers dispatching, contracting, consignment business such as development design engineers. Construction area segment includes construction management engineer business / CAD operator dispatch business for customers in construction industry. Manufacturing Area segment includes manufacturing site contracting and dispatch business for customers in manufacturing industry Temporary staffing, outsourcing and referral business for technology and manufacturing fields.

Dexterra Group Inc offers support services for the creation, management, and operation of infrastructure across Canada. Dexterra Group brings right expertise to every challenge and delivers solutions, giving clients confidence in their day-to-day operations. The company has two segments: Support Services and Asset Based Services. Activities include a comprehensive range of facilities management services, industry workforce accommodation solutions, modular building capabilities, and other support services for diverse clients in the public and private sectors.

Johnson Service Group PLC United Kingdom-based company that provides textile-related services to businesses and consumers. It is a supplier of work wear and protective wear, offering these services through Johnsons Workwear brand. The company also provides premium linen services for the hotel, catering and hospitality markets, and high volume hotel linen services, through a number of different brands which include Johnsons Hotel Linen, Johnsons Hotel, Restaurant & Catering Linen, Johnsons Restaurant & Catering Linen and Regency. It has two reporting segments; Workwear, and Hotel, Restaurant and Catering which is also its key revenue generating segment.

Matrix Design Co Ltd is mainly engaged in space design and soft furnishing business, and its main service projects are sales offices, model rooms, and other space areas of residential real estate. In the non-residential field, the company's business covers office, hotel, commercial, health care, and other business areas.

SIS provides security guarding, cash logistics and facility management services in India, Australia and other markets. Customers are corporates, banks and public bodies. It is among the largest security services companies in Asia Pacific.

Restore PLC provides mission-critical services enabling organizations to protect, and manage their valuable data, information, and assets. The company's segment includes Information Management; Datashred and Technology. The company's notable service revenue streams consist of document storage and retrieval services; document scanning and IT services; relocation services; and document collection and destruction. The company generates the majority of its revenue from the Information Management segment. Geographically, the company principally operates in the UK.

Foundation Healthcare Holdings Ltd is an integrated private healthcare platform that connects medical specialists, healthcare providers, payors, patients and facilities across the healthcare ecosystem in Singapore. The company has two reportable business segments: (i) medical specialists and (ii) others, which comprise the medical centres and technology platform. The majority of revenue is derived from the Medical Specialists segment, which generates revenue from consultation fees, medical procedures (such as surgeries) performed by the medical specialists in medical facilities, and sales of drugs and consumables. Geographically, the company's operations are solely in Singapore.

Mestek Inc and its subsidiaries manufacture and distribute heating, ventilating, and air conditioning equipment (HVAC) including architectural products, and metal forming equipment. The company manufactures its HVAC equipment and metal forming equipment at twelve factory locations and sells through an established distributor, dealer, and manufacturer's representative channels, in the United States and Canada. Geographically, it derives a majority of its revenue from North America and also has a presence in Europe, Asia, Mexico, and the Rest of the World.

Coor Service Management Holding AB is a Sweden-based company providing integrated facility management services in the Nordic region with specialist expertise in workplace services, property services, and strategic consulting. Coor offers effective and flexible solutions that create business benefits for its customers. The company conducts operations in Sweden, Norway, Denmark, and Finland, but also Belgium, and Estonia. It generates revenue from sales of services that are provided under the terms of subscription contracts or on a fixed-price or time and materials basis.

K-Bro Linen Inc is a healthcare and hospitality laundry and linen processor in Canada. It operates in cities across Canada, and has two distribution centers, providing management services and laundry processing of hospitality, healthcare, and specialty linens. The company provides vital products and services that help people heal, travel, live, and play. It helps hospitals and extended care centers care for the young, old, and vulnerable in environmentally responsible ways. It operates through two divisions, which are the Canadian division and the United Kingdom division.

CMS Info Systems provides cash management services to banks in India, including ATM cash replenishment, cash pick-up and delivery, and cash processing. It also sells managed ATM and branch services and technology products such as ATM software. It is one of the largest players in India in this field and is headquartered in Mumbai.

BLS E- Services Ltd is a digital service provider in India. It provides business correspondence services to banks in India, Assisted E-services, and E-Governance Services at grassroots levels in India. Its robust network provides access points for the delivery of essential public utility services, social welfare schemes, healthcare, financial, educational, agricultural, and banking services for governments (G2C) and businesses (B2B) alike, in addition to a host of B2C services to citizens in urban, semi-urban, rural, and remote areas. Business Correspondents provide banking products and services on behalf of banks to people while performing a variety of services, including opening savings, recurring deposit accounts, cash deposits, withdrawals, remittances, transfers, and bill collection.

Andrews Sykes Group PLC engages in the rental of pumping equipment and specialist climate control products, which include air conditioning and chillers, heating and boilers, dehumidifiers, and ventilation units. Its operating segments are Hire & Sales UK, Hire and Sales Europe, Hire and Sales Middle East, and the UK installation business. The majority of the revenue is derived from the Hire & Sales UK segment. Its geographical segments are the United Kingdom, Europe, the Middle East & Africa, and the Rest of the World.

EVI Industries Inc is a value-added distributor and service provider in the commercial laundry industry. It sells and leases commercial laundry equipment, specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications. The company supports its equipment offerings with installation, maintenance, and repair services through a large network of trained technicians. It serves a wide range of customers, including commercial, industrial, institutional, government, and retail sectors. Geographically, the company serves various countries including United States, Canada, the Caribbean, and Latin America.

Accel SAB de CV manages logistics and manufacturing operations. Its logistics division offers invetntory, warehousing, and transportation services. Accel's manufacturing division produces and distributes packaged foods.

Daesang Holdings Co Ltd is a holding company. The company is engaged in the manufacturing and sale of processed food products such as processed food and starch products. Its products mostly include Soyabean paste; Marinade; Soy sauce; fish sauce and amongst others.

System Support Holdings Inc is engaged in providing systems solutions which include system integration, transition to cloud-based infrastructure, ERP integration, data center running, and package-based software development.

Startia Holdings Inc is engaged in the provision of information technology services in Japan. It operates through the following business divisions: the web solution-related division, the network solution-related divisions, and the business solution-related divisions.

Catering International Services is engaged in the business of providing catering accommodations and facilities management services for companies operating in difficult environments. The company is engaged in promoting the socio-economic development of local populations in countries where it operates and also integrated services with its core business. Its services portfolio consists of transport and supply, construction, engineering, multi-technical maintenance, waste management, housekeeping, collection, laundry etc. The company has Africa, Asia, Oceania, Middle East, South America and Commonwealth of independent states geographic segments. It derives the majority of its revenue from Africa segment.

Kompeito Inc provides employee welfare and workplace services focused on employee health and office-based promotional activities. Its business activities include operating the "OFFICE DE YASAI" employee welfare service, managing "OFFICE DE MEDIA" promotional sampling services, and operating "SALAD STAND" salad vending machines.

Braemar PLC provides advice in investment, chartering, and risk management to enable its clients to secure sustainable returns and mitigate risk in shipping and energy industry. The company's operating segment are, Chartering, Investment Advisory and Risk Advisory. The majority of the revenue for the company is generated from its Chartering business segment under which it provides cost-saving solutions that create and protect the deals for their clients. Geographically, the company has its presence in United Kingdom, Singapore, Australia, Switzerland, United States, Germany and Rest of the world. A substantial part of its overall revenue is generated from its business in United Kingdom.

Green Landscaping Group AB, along with its subsidiaries, is engaged in the maintenance and planning of outdoor environments such as green areas, parks, courtyards, tree care, and sports facilities. The service areas it is involved in are landscaping and construction, and ground maintenance. During winter, it also offers snow and ice removal. The group's operations are divided into different segments based on the geographic locations, and include Sweden, Norway, and Other Europe. Maximum revenue is generated from its business in Sweden.

E-Guardian Inc provides community site planning services, temporary staffing service, user support services, and other services.

Where Food Comes From Inc is a third-party food verification company. It offers food production audits and uses verification processes to ensure that claims made by food producers and processors are accurate. The company supports farmers, ranchers, vineyards, wineries, processors, retailers, distributors, trade associations, and restaurants with a wide variety of value-added services provided through its family of verifiers, including International Certification Services, Validus Verification Services, and others. The company operates in two segments that are verification and certification and Software Sales and Related Consulting. It generates the majority of its revenue from verification and certification.

Shalfa Facilities Management Company, also known as Shalfa Group, is a Saudi Arabian services group that provides facilities management, operation and maintenance, security and firefighting services, and environmental and waste services. It was established in 1981 as a security services provider and has since widened its offering to total facility management for clients in the public and private sectors, including ministries, universities and banks. The company earns its revenue from long-term service contracts, including multi-year government awards such as a SAR 162 million, 60-month contract with the Presidency of State Security and a SAR 35.4 million contract with the tax and customs authority. Its shares are listed on the Saudi Exchange under the code 9613, and the founding Al Ibrahim family held 85% of the share capital before the August 2026 agreement under which a fund managed by First Summit Investment Company agreed to acquire 15%. The group operates through offices and manpower across Saudi Arabia and serves government and corporate customers.

Orad Ltd provides integration services in the areas of security systems, fire protection equipment, communication equipment, as well as traffic and parking management systems. It provides solutions for security and perimeter protection, fire safety and detection, infrastructures, electromechanical systems, automation, and communications systems in Israel.

Christie Group PLC offers a portfolio of professional business services for the leisure, healthcare, education, retail and care sectors. The business of the group is operated through three segments namely Professional & Financial Services (PFS) and Stock & Inventory Systems & Services (SISS) and other. The Professional & Financial Services segment covers business valuation, consultancy & agency, business mortgages & insurance services and business appraisal and the Stock and Inventory Systems and Service segment cover stock audit and counting, compliance, inventory preparation and valuation, hospitality, and software. The company derives maximum revenue from the Professional Financial Services segment.