Investment Company to Buy Allied Security
NEW YORK
Reuters reported that investment firm MacAndrews & Forbes Holdings Inc. said it would buy privately held Allied Security of King of Prussia, Pa., one of the biggest U.S. providers of security guards.
In addition to providing security guards, Allied also offers 24-hour alarm monitoring, closed-circuit television equipment and burglar and fire alarm systems.
The companies did not disclose the price tag for the all-cash deal, but a source familiar with the situation said it was about $300 million, reported Reuters. The companies expect the deal to close in approximately 30 days.
The acquisition comes just four months after Allied Security filed a registration with the Securities and Exchange Commission for an initial public offering, in hopes of raising money as corporate security measures escalated following the Sept. 11 attacks on the World Trade Center and the Pentagon. Allied’s IPO plans have been scrapped as a result of the deal, a MacAndrews & Forbes spokesman said.
Allied Security, formed in 2000 by Allied’s merger with Spectaguard, has 19,000 employees serving 14,000 customers. Its 2002 revenues were about $500 million.
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