Rhone Capital and members of the senior management team of GardaWorld have agreed to acquire the company from Apax Partners. In September 2012 Apax, along with senior members of the company’s management team, acquired the company for C$1.1 billion in cash, including assumed debt.
Upon closing of the transaction, Apax will no longer own shares in GardaWorld, while Stephan Crétier, Founder, Chairman and Chief Executive Officer, will hold, along with certain management stockholders, approximately 39% of the shares in GardaWorld’s parent company and Rhône will increase its holdings to 61%.
GardaWorld is a global provider of security and cash logistics services. The company serves clients in countries throughout North America, Europe, Latin America, Africa, Asia and the Middle East. GardaWorld works with clients in a range of sectors and industries including financial institutions, retailers, governments, humanitarian relief organizations and the natural resources, construction and telecommunications industries. The company is based in Montreal and has 62,000 employees (www.gardaglobal.com).
Mr. Crétier founded Garda in 1995 with an investment of C$25,000 and grew the company to more than C$1.2 billion in annual revenues until the sale of the company in November 2012 to Apax. “Apax has leveraged its financial expertise to support management in the growth of the company” said Mr. Crétier. “Since November 2012, the company underwent exceptional growth, almost doubling in size in terms of its revenues and its employees. GardaWorld now operates in 29 countries in Africa, Middle East and Europe. The management team and I are excited to continue our partnership with Rhône to build a true global Canadian champion.”
Apax invests in the technology and telecom; services; healthcare; and consumer sectors. The firm has eight offices located in London, New York, São Paulo, Munich, Tel Aviv, Mumbai, Hong Kong and Shanghai (www.apax.com).
Rhône Capital is a global private equity firm with more than €3 billion under management and a focus on private equity investments in businesses with a pan-European or transatlantic presence. Sectors of interest include business services, chemicals, consumer products, food, industrial, materials, mining, and shipping. The firm is currently investing capital from its €2.6 billion fifth private equity fund which was raised in July 2015. Rhône was founded in 1995 by Robert Agostinelli and Steven Langman and has offices in London and New York (www.rhonegroup.com).
Closing of this transaction is expected to occur before the end of July 2017.
© 2017 Private Equity Professional | March 27, 2017
