Allied Universal has sold a majority stake in AMAG Technology to Shore Rock Partners – a critical infrastructure-focused growth investor.
According to a recent announcement, the new ownership group led by Shore Rock Partners with strategic backing from BellTower Partners will continue to support enhancements to AMAG’s product portfolio, evolve service models and expand its capabilities to protect people, identities and assets around the world.
An important milestone for AMAG
The announcement has confirmed that Allied Universal will retain a substantial minority interest in AMAG. With the transaction, AMAG President David Sullivan will become CEO.
Additional terms of the sale are not being disclosed.
“This partnership marks an important milestone for AMAG and the customers who rely on our technology every day,” explained David Sullivan, CEO, AMAG Technology.
“Shore Rock brings a thoughtful, long-term approach that aligns with our commitment to reliability, innovation and service. Their investment will help us continue strengthening our platform and delivering solutions that meet the evolving needs of high-security environments.”
“Continued support”
“AMAG has been an important part of the Allied Universal team and we look forward to supporting this next stage of growth alongside our partners,” said Steve Jones, Global Chairman and CEO, Allied Universal.
“Because the company is an embedded software and hardware platform, we determined it would be best for AMAG’s long-term growth to separate from our services-based business model, giving it more autonomy and flexibility to focus on development of its products and offerings.
“Our ongoing investment is representative of our continued support for the business and customers.”
“We are excited to partner with Allied Universal as we both invest to support AMAG’s next phase of growth,” commented Ashton Wackym and Sebastian Levy, Co-Founders, Shore Rock Partners.
“AMAG has earned the trust of customers in some of the most demanding environments and we look forward to building on this heritage by investing resources to deepen customer and channel relationships while advancing the product roadmap.
“We respect the leadership David and others have brought to the organisation and believe AMAG is exceptionally well positioned in an attractive market.”
Additional information
The private capital raised to finance the acquisition was oversubscribed, reflecting strong demand from a global base of institutions and family offices.
- Shore Rock Partners was advised by Gibson, Dunn & Crutcher and McGuireWoods
- Allied Universal was advised by Sheppard, Mullin, Richter & Hampton
- BellTower was advised by McDermott Will & Schulte
- The transaction was negotiated bilaterally
To read the full announcement, click here.