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.