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Blackstone Group to acquire AlliedBarton
Private equity fund purchases security services provider
Photo courtesy of AlliedBarton
Bill Whitmore, Chairman/CEO/President of AlliedBarton Security Services announced today that the guard services firm is in the process of being acquired by a private equity fund managed by The Blackstone Group. Whitmore says the acquisition will not impact how the company works with clients of the security services firm.
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Security services firm AlliedBarton announced today that it has signed an agreement to be acquired by an investment fund of The Blackstone Group, a private equity management firm.
AlliedBarton's chairman, president and CEO Bill Whitmore, said the move "is a tremendous opportunity to fuel our continued growth." Whitmore said the company will use the investment to focus on continued growth of "people, technology and training."
In an interview with SecurityInfoWatch.com, Whitmore said that Blacktone is committed to growing AlliedBarton, and he said that he anticipates much of that growth to be organic, though he says they may find natural "tuck-in" acquisitions that allow the company to increase market share or business skillsets with niche acquisitions.
Whitmore said AlliedBarton clients should not expect to feel any ill effects as part of the acquisition.
"Blackstone's model is to look for companies with a proven management team known for growth and they will be supporting the management team that is in place," said Whitmore. He noted that the company's ongoing commitment to training its employees was likely part of the factors Blackstone looked at when deciding to invest i n AlliedBarton, and he says that focus on training will continue at the firm.
According to Chinh Chu, the senior managing director for The Blackstone Group, the equity firm will be working with AlliedBarton to create organic and acquisition-based growth.
The purchase of AlliedBarton by The Blackstone Group is expected to be completed in August 2008 after regulatory approval is reached. The form 8-K related to this acquisition is expected to be filed with the Securities and Exchange Commission on Tuesday, July 29, 2008.
