GardaWorld Corporation is a Canadian private security firm, based in Montreal, Quebec, Canada, with 62,000 employees (September 2016).
GardaWorld International Protective Services, now the international division of the company, began operations in 1984. GardaWorld Security Corporation was established by its owner Stéphan Crétier in 1995, who initially invested $25,000 in the company, then named Trans-Quebec Security Inc. The company runs physical security guard services and armoured car services globally, with over 200 offices worldwide.
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Activities
GardaWorld is involved in various business fields:
- Protective services: security officers, mobile patrol, loss prevention and investigations services across Canada
- Aviation services: pre-board screening in 28 Canadian airports with the Canadian Air Transport Security Authority
- International Protective Services : diplomatic protection, crisis management in Asia, Latin America, Africa and in the Middle East
- Cash Services: cash in transit and vault solutions in North America
During the mid-2000s, GardaWorld went on a poorly timed and debt-fueled spree of acquisitions, the most crucial of which was a $391 million deal for Californian security-oriented firm ATI Systems International Inc. This deal however soon proved to be a poor choice; GardaWorld ended up suing ATI's former CEO for allegedly misrepresenting its financial situation, while the CEO sued for wrongful dismissal.
On June 3, 2009 GardaWorld announced the sale of its U.S. and Mexico guarding operations to Andrews International for a total cash consideration of US$44.25 million,following a particularly poor financial performance the previous year; in mid-2008, GardaWorld's stock fell by more than 90%. Debt restructuring followed and the company was left afloat, but looking weak in the eyes of its investors. Over the next few years, the results gradually improved and this was attributed to high demand for services in the Middle East and Afghanistan.
GardaWorld has also resumed making acquisitions in the past year, which has driven its debt to $639 million, 4.2 times that of its operating profit (as of 7 September 2012). This has prompted owner Stéphan Crétier to lead a buyout of his firm and he has revealed plans with a British private equity firm, Apax Partners, that could result in a $300 million ownership division of the company.
On August 28, 2013, an agreement had been reached for the acquisition of G4S Cash Solutions Limited in Canada, for approximately $110 million, with the deal expected to be finalized before the end of the year
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See also
- Security Armored Express
References
- Britten, Nick. "The Security Company". The Daily Telegraph. 30 May 2007.
External links
- Official website
Source of the article : Wikipedia
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