The Blackstone Group, which bought home security giant Vivint for $2 billion in 2012 is reportedly exploring the sale of security guard company AlliedBarton, according to a report this week from Reuters.
The report said the deal should be valued at about “$1.5 billion, including debt.”
Blackstone has hired investment bank Credit Suisse Group AG to explore the sale, the report said.
The report quoted an AlliedBarton spokeswoman saying that it’s “the right time for a new private equity sponsor.”
That timing seems right or even a little overdue as PE generally holds a company for three to five years.
According the report, Blackstone has owned AlliedBarton for six years. Blackstone acquired AlliedBarton from Ronald Perelman’s MacAndrews & Forbes Holdings in 2008 for up to $750 million, Rueters said.
Rueters said AlliedBarton has EBITDA of $150 million.
AlliedBarton, based in Conshohocken, Pa., has more than 55,000 employees and 120 offices.