Lazard Middle Market Advised Garda World Security Corporation
on the Sale of its U.S. and Mexico Guarding Operations to Andrews International
TRANSACTION DESCRIPTION
Lazard Middle Market advised Garda World Security Corporation on the sale of its U.S. and Mexico guarding operations to Andrews International. Garda is a physical security, consulting & investigations, pre-employment screening, and cash handling firm.
TRANSACTION HIGHLIGHTS
Garda World Security Corporation (TSX:GW) (Garda), one of the most trusted cash logistics, physical security and global risk consulting firms in the world, today announced it has concluded the sale of its U.S. and Mexico guarding operations to Andrews International for a total cash consideration of US$44.25 million.
The U.S. and Mexico guarding operations were part of Vance International which Garda acquired in January 2006. In fiscal 2009, it posted sales of US$128 million and an adjusted last 12 months EBITDA of US$4.5 million.
"The divestiture will enable us to focus on our growing Global Risk Consulting Group created from the combined operations of Vance and Kroll Security Group acquired in December 2006 to form GardaWorld, one of the world's leading risk consulting groups," said Alain Dumont, Vice President, Business Transactional Group.
"We are experiencing rapid growth and unparalleled opportunities around the world," said GardaWorld Global Risk Consulting Group President LeMarque Sheppard. "The outlook in this industry is extremely favourable, and with the global expertise and local engagement of our highly qualified experienced team, I look forward to our continued success in this important high-margin sector."
Net proceeds from the transaction will be used towards debt repayment.
THE SELLER
Garda World Security Corporation (www.gardaglobal.com), one of the largest integrated physical security and cash logistics firms worldwide on an annualized revenue basis, is well known for addressing complex security and investigations issues. As a leading provider in security services, Garda is recognized as one of the fastest growing companies with operations across Canada, the United States, Latin America, Europe, the Middle East, Africa, and Asia. With approximately 45,000 dedicated professionals, Garda offers integrated solutions in cash logistics, physical security, global risk consulting, investigations, and pre-employment screening. Its team includes specialists and some of the most highly qualified and best-trained experts in the industry.
THE BUYER
Andrews International (www.andrewsinternational.com), headquartered in Los Angeles, California, is a full service provider of security and risk mitigation services with operations throughout the United States and internationally. As one of the largest privately-held, American-owned security firms, Andrews International employs more than 7,500 security personnel, providing uniformed security, consulting and investigative services, personal protection, special event security, specialized training, and disaster emergency response services. The company is owned by executive and management team members with investment backing from Audax Group.
ABOUT LAZARD MIDDLE MARKET
Lazard Middle Market LLC (www.lazardmm.com), a subsidiary of Lazard Ltd (NYSE:LAZ), provides advice on strategic planning and M&A, private placements, capital raising, and restructurings to the middle market. Lazard Middle Market’s investment bankers operate with full access to the industry expertise, senior board-level relationships, and local perspectives of Lazard’s bankers in 39 cities across 24 countries in North America, Europe, Asia, Australia, Central and South America.
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