AlliedBarton, the largest American-owned manned security services firm, is set to grow its business even more. The company announced this week that it has formed an agreement to acquire Initial Security's U.S. security operations. Initial Security is part of Rentokil, and employs approximately 8,000 security officers, spread across 45 U.S. branch offices and serving roughly 1,600 customers.
The value of the acquisition is set at 40 million GBP, or approximately $74 million in U.S. funds. According to AlliedBarton, the acquisition will close by Aug. 8.
Bill Whitmore, president and CEO of AlliedBarton released a prepared statement indicating that the Initial Security acquisition was a good fit for AlliedBarton. He said that Initial Security was a positive match because the company had an "exceptional management team" and a quality reputation in the industry.
AlliedBarton is online at www.alliedbarton.com.