Private equity funds managed by Blackstone have agreed to sell AlliedBarton to Wendel SE for approximately USD1.67 billion. The transaction is expected to close later this year, and is subject to customary regulatory approvals.
AlliedBarton is a leading US-based provider of security services to more than 3,300 customers, including 200 members of the Fortune 500. Founded in 1957 and based in suburban-Philadelphia, AlliedBarton has more than 60,000 employees and 120 regional offices located throughout the United States, serving clients across diverse end-markets, including, for example, commercial real estate, higher education, healthcare, financial services, government services, aerospace and defense, petrochemicals and retail.
Bill Whitmore, President and CEO of AlliedBarton, says: “We thank Blackstone for being a tremendous partner over the last seven years and I appreciate the contributions made by Peter Wallace and the entire Blackstone team. Blackstone’s counsel and invaluable support have been instrumental to the development and growth of our business, which has resulted in a successful investment outcome for all equity holders. We also look forward to working with Wendel to continue AlliedBarton’s extraordinary growth and achieve the next level of success.”
“It has been a privilege partnering with Bill Whitmore and the exceptional management team at AlliedBarton in supporting their efforts to build the preeminent security services firm in the US. We are very proud of the accomplishments and significant value that has been created under our ownership, during which the Company substantially grew revenues, profitability and employment,” says Peter Wallace, Senior Managing Director at Blackstone.
