Reuters: Blackstone Pursuing Sale of AlliedBarton Security Services
The news agency reports Blackstone could fetch $1.5 billion for AlliedBarton, which it acquired in 2008 for approximately $750 million.
Reuters reported Blackstone Group is seeking a buyer for AlliedBarton Security Services, the largest security officer services company in the U.S.
CONSHOHOCKEN, Pa. – Blackstone Group is exploring a sale of AlliedBarton Security Services in a deal that could value the largest U.S. security officer services company at around $1.5 billion, including debt, Reuters reports, citing people familiar with the matter.
Blackstone, a New York-based private equity firm, has hired investment bank Credit Suisse Group AG to run an auction for AlliedBarton, Reuters sources say.
“Management believes that this is the right time to seek new private equity sponsor. We have recently launched that process as it is a critical element of our ongoing growth strategy,” an AlliedBarton spokeswoman told Reuters.
Blackstone and Credit Suisse declined to comment.
AlliedBarton has annual earnings before interest, tax, depreciation and amortization of around $150 million, said the sources, who asked not to be identified because the deliberations are confidential.
Based here, AlliedBarton has more than 55,000 employees and 120 offices that provide security for corporate clients in several industries, including around 200 Fortune 500 companies, according to AlliedBarton’s Web site.
Blackstone acquired AlliedBarton from Ronald Perelman’s MacAndrews & Forbes Holdings Inc. in 2008 for up to $750 million.
In 2012, Blackstone invested in Vivint, paying more than $2 billion for it. It then took its residential solar panel installer unit Vivint Solar public last year.
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