ABM on Oct. 26, announced that it has sold its Security Business to Universal Protection Service, a division of Universal Services of America, for pre-tax proceeds of $131 million.
Universal Protection Service, owned by Universal Services of America, a portfolio company of Warburg Pincus and Partners Group, has a track record of investing in companies that have demonstrated strong future potential.
"The divestiture of our security business allows us to focus on our core strengths with the ultimate goal of driving long-term profitable growth and delivering greater shareholder value," said Scott Salmirs, president and chief executive officer of ABM. "With today's announcement we continue to execute on the comprehensive strategy and transformation initiative we announced just under 60 days ago."
The security business employs approximately 13,500 guards across the country. ABM and Universal will work together to ensure a seamless transition for all stakeholders.
Salmirs added, "Our employees are our greatest asset and we are excited that one of the largest and fastest-growing security companies with similar culture and values to ABM has acquired the business."
Wells Fargo Securities and Jones Day acted as financial and legal advisors, respectively, to ABM on this transaction.
