Wendel to Acquire AlliedBarton, a Leading Security Services Company in the U.S.
30 6월 2015 - 9:52PM
Business Wire
Wendel (MF.FP), a global investment firm, today announced that
it has agreed to acquire AlliedBarton Security Services, one of the
largest security officer services companies in the United States,
from funds managed by Blackstone, one of the world’s leading
alternative asset managers, for approximately $1.67 billion or. c.
11.6x FCF1 for the twelve months ended March 31, 2015. As part of
the proposed acquisition, Wendel will make an equity investment of
approximately $670 million, for a c. 96% ownership in the company,
alongside AlliedBarton’s management team. The transaction is
expected to close by the end of the third quarter, subject to
customary conditions and regulatory approvals.
AlliedBarton is a leader in the U.S. security services market
providing physical guarding and related services to a diversified
group of more than 3,300 customers in a number of markets. These
markets include, for example, commercial real estate, higher
education, healthcare, financial services, government services,
aerospace and defense, petrochemicals and retail. Some of these
clients are very large enterprises – including approximately 200 of
the Fortune 500 companies – and others are smaller organizations.
Founded in 1957 and based in Conshohocken, Pennsylvania,
AlliedBarton has more than 60,000 employees and 120 regional and
district offices located throughout the United States. For the
twelve months ended March 31, 2015, AlliedBarton generated revenues
of approximately $2.18 billion and an adjusted EBITDA of $148
million with a free cash flow conversion rate of greater
than 95%2.
The market for outsourced security officer services in the U.S.
is estimated to be greater than $20 billion. The industry, and in
particular, AlliedBarton, has demonstrated strong growth over a
long period of time and proven quite resilient during economic
downturns. Over the years, AlliedBarton transformed from a regional
participant to an industry leader with a national presence. The
Company integrated 12 acquisitions since 1998 and developed a
unique go-to-market approach driven by customized, vertical segment
expertise.
Taking this investment into account, Wendel has fully achieved
all of its 2013-17 strategic objectives and will have invested
€2.1bn in equity since 2013.
“AlliedBarton is a world-class franchise with a tremendous
reputation for integrity and reliability and a very impressive
management team, led by Bill Whitmore.”, said Frédéric Lemoine,
Chairman of Wendel’s Executive Board. “The company has an
outstanding track record of profitable growth and cash generation.
It is well positioned to continue to grow both organically and
through acquisitions. This is Wendel’s second investment in North
America in less than seven months and represents a significant step
in our efforts to diversify geographically, particularly when
considering that AlliedBarton’s business is predominantly in the
U.S.”
“We are very excited to join Wendel”, added Bill Whitmore,
Chairman and CEO of AlliedBarton. “Their long term investment
philosophy and successful track record of building world-class
companies will help AlliedBarton continue its extraordinary growth
and achieve the next level of success. The senior leadership team
and I look forward to working with Wendel and building a strong
relationship based on our shared values and strategic vision.
AlliedBarton will continue to deliver high quality security
services tailored to the individual needs of our clients.”
About AlliedBarton Security Services
For more than 50 years, AlliedBarton Security Services has
provided superior security officer services to protect people,
homes and businesses. AlliedBarton tailors security programs to
meet clients’ needs with committed professionals who enhance
clients’ brands. The most honored security services provider,
AlliedBarton consistently delivers exceptional service which
creates a differentiated experience for clients and the people they
serve. More than 60,000 employees and 120 offices serve thousands
of clients with levels of protection that anticipate needs and
build enduring relationships.
For more information, please visit
http://www.alliedbarton.com
About Wendel
Wendel is one of Europe's leading listed investment firms. The
Group invests internationally, in companies that are leaders in
their field, such as Bureau Veritas, Saint-Gobain, Materis Paints,
Stahl, IHS and Constantia Flexibles. Wendel plays an active role as
industry shareholder in these companies. It implements long-term
development strategies, which involve boosting growth and margins
of companies so as to enhance their leading market positions.
Through Oranje-Nassau Développement, which brings together
opportunities for investment in growth, diversification and
innovation, Wendel is also a shareholder of exceet in Germany,
Mecatherm and Parcours in France, Nippon Oil Pump in Japan, Saham
Group in Africa and CSP Technologies in the United States.
Wendel is listed on Eurolist by Euronext Paris.
Standard & Poor’s ratings: Long-term: BBB-, stable outlook –
Short-term: A-3 since July 7, 2014.
Wendel is the Founding Sponsor of Centre Pompidou-Metz. In
recognition of its long-term patronage of the arts, Wendel received
the distinction of “Grand Mécène de la Culture” in 2012.
For more information, please visit
http://www.wendelgroup.com/en
2015 Calendar H1 2015
earnings / Publication of NAV (pre-market release) Thursday,
September 10, 2015
2015 Investor Day / publication of NAV
and trading update (pre-market release) Thursday, December 3, 2015
1 FCF: adjusted EBITDA-CAPEX
2 Free cash flow conversion rate:
(EBITDA-CAPEX)/EBITDA
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version on businesswire.com: http://www.businesswire.com/news/home/20150630005774/en/
Press:WendelChristine Anglade-Pirzadeh, +33 (0)1
42 85 63 24c.angladepirzadeh@wendelgroup.comCaroline Decaux, +33
(0)1 42 85 91 27c.decaux@wendelgroup.comorU.S.FTI ConsultingRaina
Gajjar, +1 (212) 850-5724raina.gajjar@fticonsulting.comorAnalyst
and investor:WendelOlivier Allot, +33 (0)1 42 85 63
73o.allot@wendelgroup.comElisa Muntean, +33 (0)1 42 85 63
67e.muntean@wendelgroup.com
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