BELIZE CITY, Belize, Feb. 18 /PRNewswire/ -- BHI Corporation
(Nasdaq: BHIK), a leader in outsourced facilities services in North America,
announced today that its OneSource division has completed the acquisition of
Hudson Shatz, the leading painting contractor in the New York metropolitan
area.  Hudson Shatz will add $25 million in annual revenue.
    In business since 1919, Hudson Shatz is a well-known provider of
commercial interior painting services.  The company has recently completed
projects for Time Warner, Joseph E. Seagram & Co., Metropolitan Life, Morgan
Stanley, Estee Lauder and Saks Fifth Avenue, among others.  The current
management team, led by Hudson Shatz, president Gerald Kahn, will continue to
run the business and will report to OneSource president, Ray Gross.
    Commenting on the acquisition, BHI Chairman and Chief Executive Officer,
Michael A. Ashcroft, said, "This acquisition is not only immediately accretive
to earnings, but Hudson Shatz adds the best-known painting business in the New
York region to BHI's menu of high-quality facilities services.  This supports
two parts of our strategy: to be a full service provider and to improve
margins."
    Gerald Kahn, president of Hudson Shatz, added, "We completely support
BHI's strategy of offering a broad range of "best in class" services -- a
strategy that will simplify the procurement process for facility managers
nationwide.  We are proud to join the OneSource organization and look forward
to accelerating our growth as we cross market painting services to the
existing OneSource customer base."
    BHI has completed a total of twelve acquisitions since September 1998,
adding $85 million in annual revenue.
    BHI Corporation is a leader in the outsourced facilities services sector
in North America and provides janitorial, landscaping, security services,
general repair and maintenance and other specialized services to more than
10,000 commercial, institutional and industrial accounts.  The company also
owns and operates selected businesses in Central America.  BHI prepares its
financial statements in US dollars and according to US GAAP.

    Forward-Looking Statement
    Certain statements in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995.  In particular, statements contained herein regarding expectations
with respect to future revenue and business expansion, are subject to known
and unknown risks, uncertainties and contingencies, many of which are beyond
the control of BHI, which may cause actual results, performance or
achievements to differ materially from anticipated results, including, among
others, overall economic and business conditions, the demand for BHI's
services, competitive factors, regulatory approvals and the uncertainty of
consummation of future acquisitions.  Additional factors which may affect
BHI's business and performance are set forth in BHI's filings with the
Securities and Exchange Commission.

    Note:  This and other press releases are available through Company News On
Call by fax; call 800-758-5804, extension 114380, or at
http://www.prnewswire.com/comp/114380.html.

Link to this page: