NEW YORK CITY (dpa-AFX) - Investment firm Blackstone Group LP (BX) announced Tuesday that private equity funds it manages have agreed to sell AlliedBarton Security Services to Wendel SE, a France-based investor, for approximately $1.67 billion. The transaction is expected to close later this year. Blackstone has been AlliedBarton's partner over the last seven years.
AlliedBarton is a U.S.-based provider security services to more than 3,300 customers, including 200 members of the Fortune 500. AlliedBarton, based in suburban-Philadelphia, has more than 60,000 employees and 120 regional offices located throughout the United States.
Bill Whitmore, President and CEO of AlliedBarton, said, '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.'
Commenting about AlliedBarton, Peter Wallace, Senior Managing Director at Blackstone, added, '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.'
In the deal, Credit Suisse acted as exclusive financial advisor and Simpson Thacher & Bartlett LLP acted as legal advisor to Blackstone.
On the NYSE, Blackstone shares settled at $40.63 on Monday, down 2.10 percent.
In Paris, Wendel shares lost 3.72 percent to settle at 111.30 euros.
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