PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

Blackstone Group to acquire security personnel contractor AlliedBarton

The Blackstone Group has agreed to acquire contract security personnel firm AlliedBarton Security Services, based in King of Prussia, Pennsylvania, on behalf of its private equity funds.

The Blackstone Group has agreed to acquire contract security personnel firm AlliedBarton Security Services, based in King of Prussia, Pennsylvania, on behalf of its private equity funds. The deal is expected to close in August subject to regulatory approval and other conditions.

‘Blackstone is attracted to AlliedBarton’s leading market position and the strong fundamentals of the sector,’ says senior managing director Chinh Chu. ‘We look forward to working with AlliedBarton’s management team to help them pursue their growth strategy both organically and via acquisitions.’

AlliedBarton Security Services, which has more than 50,000 employees and 100 offices across the US, provides security personnel to several thousand clients in sectors including commercial real estate, higher education, health care, residential communities, the chemical and petrochemical industries, government, manufacturing and distribution, the financial sector and shopping centres.

AlliedBarton chairman and chief executive Bill Whitmore says: ‘This transaction is a tremendous opportunity to fuel our continued growth. We have transformed ourselves into the country’s leading physical security company in a few short years and our relationship with the Blackstone Group demonstrates our commitment to continued dynamic growth which will energise our investment in our people, technology and training.’

Peter Wallace, a Blackstone managing director, adds, ‘AlliedBarton has a tremendous franchise and sets the industry standard for professionalism. We look forward to supporting the management team during the next phase of the company’s evolution.’

Credit Suisse and Lehman Brothers acted as financial advisors to AlliedBarton, while Blackstone was advised by Bank of America, Blackstone Advisory Services, HSBC and Anne Yang of Old Well. Skadden, Arps, Slate, Meagher & Flom acted as legal counsel to AlliedBarton, and Simpson Thacher & Bartlett to Blackstone.

The Blackstone Group’s businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds, as well as financial advisory services including mergers and acquisitions advisory, restructuring and reorganisation advisory and fund placement services.

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured