Wendel SE, a global listed investment firm, has announced that its portfolio company AlliedBarton Security Services has completed its merger with Universal Services of America. Launched today, the security services company operates under the Allied Universal brand, providing clients localized response and national support. Allied Universal will maintain headquarters in Santa Ana, CA, and Conshohocken, PA.
Steve Jones, formerly Chief Executive Officer of Universal Services of America, is the CEO of Allied Universal and Bill Whitmore, former CEO of AlliedBarton, is the company’s Chairman of the Board. AlliedBarton Security Services was a portfolio company of Wendel, and Universal Services of America was a portfolio company of Warburg Pincus and Partners Group. Following completion of the transaction, in exchange for its contribution of its shareholding in AlliedBarton Security Services, Wendel SE received approximately 33% of the shares of Allied Universal and a cash payment of $388 million.
Warburg Pincus and Wendel are lead investors in the combined entity with equal voting rights and three board members each. The remainder of the share capital is split between management and other investors.
Wendel acquired AlliedBarton Security Services in December 2015 for approximately $1.68 billion. As part of the transaction, Wendel made an equity investment of approximately $687 million, for an approximate 95% ownership in the company, alongside AlliedBarton’s management team.
Along with Allied Universal Security Services, additional company service lines include Allied Universal Security Systems, Allied Universal Building Maintenance Services and Allied Universal Staffing Services.