Canadian security services firm Garda explores sale
13 Aug 2015
Garda World Security Corp is exploring a sale that could value the Canadian security services firm at more than C$3 billion ($2.31 billion) including debt, Reuters yesterday reported, citing people familiar with the matter.
Garda, which is owned by private equity firm Apax Partners, is working with Bank of America Corp, Jefferies LLC and Royal Bank of Canada, and is in talks with a few private equity firms about a potential deal, the report said.
Apax Partners and Garda's founder Stéphan Crétier took the company private in 2012 for C$1.1 billion ($850 million), including debt. Crétier plans to hold a minority stake in the company, the report added.
Montreal-based Garda is the world's largest privately-owned security company employing more than 48,000 security professionals in protective and cash services.
It provides security services and business solutions to Fortune 500 companies, governments, businesses of all sizes and humanitarian relief organisations throughout North America, Latin America, Europe, Africa and the Middle East.
Its cash vault services and cash transportation solutions complete more than 100,000 pickups per day through a fleet of armored vehicles and process more than $10 billion in currency each day.
It is also the largest provider to the Canadian Air Transport Security Authority providing security services across 28 Canadian airports.
Citing Moody's rating agency, Reuters said that Garda had revenue in the 12 months ending 30 April of C$1.9 billion.
