Blackstone to Sell AlliedBarton to Wendel
30 June 2015 - 3:39PM
Business Wire
Blackstone (NYSE: BX) announced today that private equity funds
it manages have agreed to sell AlliedBarton to Wendel SE (EPA: MF)
for approximately $1.67 billion. The transaction is expected to
close later this year, and is subject to customary regulatory
approvals.
AlliedBarton is a leading U.S.-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 noted: “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 U.S.
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,” said
Peter Wallace, Senior Managing Director at Blackstone.
Credit Suisse acted as exclusive financial advisor and Simpson
Thacher & Bartlett LLP acted as legal advisor to
Blackstone.
About Blackstone:
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. Our asset management businesses, with over $300 billion in
assets under management, include investment vehicles focused on
private equity, real estate, public debt and equity, non-investment
grade credit, real assets and secondary funds, all on a global
basis. Blackstone also provides various financial advisory
services, including financial and strategic advisory, restructuring
and reorganization advisory and fund placement services. Further
information is available at www.blackstone.com. Follow Blackstone
on Twitter @Blackstone.
About AlliedBarton:
AlliedBarton Security Services is the industry’s premier
provider of highly trained, responsive security personnel.
Client-focused security officers and managers located across the
country are supported by national resources developed from over 50
years of security experience. More than 60,000 employees and 120
offices provide security for several thousand clients in many
industries, including approximately 200 Fortune 500 companies. As
the most honored security officer services company, AlliedBarton
leads the industry in award-winning programs. AlliedBarton has been
recognized by Training magazine, ASTD, Corporate University
Xchange, Leadership Excellence and the American Business Awards,
among others.
Forward Looking Statements:
This announcement may contain forward-looking statements,
including statements about the completion of the purchase of
AlliedBarton, anticipated benefits of the proposed transaction and
other matters that are not historical facts. Such forward-looking
statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could
cause actual outcomes or results to differ materially from those
indicated in these statements. Blackstone does not undertake any
obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20150629006400/en/
For further information:BlackstonePeter Rose,
212-583-5871Rose@Blackstone.com
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