NEW YORK—It has ambitions to become a national enterprise-level security provider, but SecureWatch 24, a full-service security company based here, also has identified a strong market in its own backyard—the roughly 3,000 high-end jewelry stores in Manhattan’s famous Diamo
When we sent the newswire out yesterday, no financial details on the AlliedBarton-Blackstone deal were available. But details leaked out yesterday in a Securities and Exchange Commission filing. The bottom line: Blackstone will pay between $700 million and $750 million for the guard services firm.
Private equity fund The Blackstone Group will acquire AlliedBarton Security Services, the companies announced today.
Bill Whitmore, chairman, president and CEO of Allied, said the transaction is "a tremendous opportunity to fuel our continued growth."
Blackstone's Senior Managing Director Chinh Chu said the firm was attracted to Allied's "leading market position and the strong fundamentals of the sector. We look forward to working with AlliedBarton's outstanding management team to help them pursue their exciting growth strategy both organically and via acquisitions."
Blackstone is a pretty big group and although I seem to remember hearing the firm was interested in the security space, I believe this is their first purchase in the industry. They have some serious deals behind them â€” Sirius Satellite Radio, Adelphia and even Orangina. Obviously, its a pretty diverse portfolio.
The Allied transaction is expected to close in August, subject to government approvals. I'll have more on the deal in next week's newswire.