MIAMI, FL – (April 2, 2007) Trivest Partners, L.P. (“Trivest”) today announced that it has completed the acquisition of Allegiance Security Group (“Allegiance” or the “Company”), one of the fastest growing security guard services firms in the Southeastern United States. Trivest acquired the Company from Allegiance’s founder and CEO, Stephen Levine.
Founded in 1991, the Company has grown from a single office in Fort Myers, Florida to an organization that operates from 11 offices across six states with over 1,000 security guards. Allegiance offers a range of security services for a diverse customer base that includes the commercial, residential and governmental sectors.
Under the Allegiance platform, Trivest intends to build one of the largest privately-held security businesses in the United States through organic growth and strategic add-on acquisitions. Although Stephen Levine will continue to run Allegiance’s daily operations, Trivest has brought in a team led by Jim Stevens, a 30-year veteran of the security industry, to lead the Company’s acquisition strategy. The security services industry is fragmented with over 15,000 businesses in the United States alone.
Stephen Levine, Allegiance’s founder stated, “This transaction represents a critical step in our strategy to take advantage of the growth opportunities for security businesses in Florida and throughout the United States. As a proven financial partner, Trivest offered an optimal solution that allowed me to maintain operating autonomy at Allegiance while we jointly pursue add-on acquisitions. In addition, I am pleased to retain an ownership stake in the business going forward.”
Jim Stevens, who will be the CEO of Trivest’s security platform, stated, “Of the 45 security guard acquisitions that I have completed throughout my career, Allegiance certainly ranks near the very top. With Trivest’s support, we believe the elements are in place to build one of the leading security guard services firms in the country.”
Jamie Elias, Trivest Partner and Allegiance’s Chairman stated, “The Allegiance transaction is consistent with Trivest’s long-standing investment strategy to acquire well run, founder-owned businesses in the Southeastern United States. With Stephen Levine and Jim Stevens at the helm, we plan to continue driving strong organic growth while also expanding Allegiance’s geographic footprint via add-on acquisitions.”
Trivest Partners, L.P., a private investment firm, is a leading provider of equity for lower middle-market corporate acquisitions, recapitalizations and growth capital financings. Since its founding in 1981, Trivest has sponsored more than 130 acquisitions and recapitalizations, totaling more than $3.0 billion in value. For more information, please visit www.trivest.com.