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Apax backs $1.1bn take-private of Toronto-listed Garda

10 Sep 2012

Apax Partners has backed the C$1.1bn ($1.12bn) take-private of Toronto-listed cash logistics company Garda World Security Corp, as part of a consortium formed by company founder, chairman and CEO Stephan Cretier.

Garda is headquartered in Montreal, Canada, and has 45,000 professionals. Cretier founded Garda in 1995 with an investment of C$25,000 and grew the company to one boasting annual revenues in excess of C$1.2bn.

The deal will see the consortium each acquire Class A shares in Garda for C$12.00 each in cash, a 30 per cent premium over the closing price of the Class A shares on September 6 and a 45 per cent premium to the 90-day volume-weighted average price of Garda Class A shares on the Toronto Stock Exchange.

“Garda is a great Canadian success story and we intend to expand on that achievement,” said Cretier.

“To achieve this goal, we intend to continue to pursue our growth strategy both organically and through acquisitions, which we can more efficiently accomplish as a private company.

“With Apax becoming a major shareholder, Garda will have access to a more flexible and efficient structure to fuel its growth.”

The transaction has been approved unanimously by the board of directors following the unanimous recommendation of a special committee of independent directors.

Royal Bank of Canada acted as M&A advisor to Apax Partners and, along with Bank of America Merrill Lynch, is providing financing for the transaction.

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