AlliedBarton/Universal merged company AlliedUniversal plans financing

By Sara Rosenberg

New York, May 3 – AlliedUniversal is planning on putting additional financing in place in connection with its formation through the merger of AlliedBarton Security Services and Universal Services of America, according to a news release.

Closing is expected in the third quarter, subject to customary regulatory approvals.

Total debt-to-EBITDA will be about 6.25 times the combined company’s adjusted pro forma synergized EBITDA.

The combined company is expected to have total revenues of about $4.5 billion and adjusted pro forma synergized EBITDA of around $440 million including roughly $100 million synergies.

AlliedBarton is a portfolio company of Wendel, and Universal Services of America is a portfolio company of Warburg Pincus and Partners Group.

In exchange for its contribution of its shareholding in AlliedBarton, Wendel will receive about 33% of the shares of AlliedUniversal and a cash payment of around $387 million.

Also, Warburg Pincus will get about 33% of the shares of the combined company and Partners Group will have about 17%.

AlliedBarton is a provider of security services. Universal Services is a Santa Ana, Calif.-based security company and a provider of janitorial solutions, as well as safety and emergency preparation services.

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