ABM Industries Completes Acquisition of Sentinel Guard Systems
ABM Industries Incorporated announced that it has completed its previously announced acquisition of Sentinel Guard Systems from Tracerton Enterprises, Inc., a Los Angeles-based company, for $3.4 million in common stock.
Additional consideration includes annual contingent payments, based on achieving certain revenue and profitability targets over a three-year period, estimated to be between $0.5 million to $0.75 million per year payable in shares of common stock.
With annual revenues in excess of $13.0 million, Sentinel is a provider of security officer services, primarily to high-rise, commercial and residential structures. Under the transaction, ABM acquired customer accounts receivable and other assets of approximately $1.3 million and assumed liabilities of approximately $1.7 million.
“We are pleased to welcome the dedicated men and women of Sentinel to the American Commercial Security Services (ACSS) family,” stated John Moore, president of ACSS. “The acquisition is consistent with ABM’s long-term strategy and the Sentinel organization strengthens our market position in California, particularly enhancing our operations throughout Los Angeles and San Francisco. As more companies and institutions turn to outsourcing security solutions and the industry continues to grow, we believe ABM will continue to increase its market share by providing professional security services throughout the United States.”
With annual revenues in excess of $13.0 million, Sentinel is a provider of security officer services, primarily to high-rise, commercial and residential structures. Under the transaction, ABM acquired customer accounts receivable and other assets of approximately $1.3 million and assumed liabilities of approximately $1.7 million.
“We are pleased to welcome the dedicated men and women of Sentinel to the American Commercial Security Services (ACSS) family,” stated John Moore, president of ACSS. “The acquisition is consistent with ABM’s long-term strategy and the Sentinel organization strengthens our market position in California, particularly enhancing our operations throughout Los Angeles and San Francisco. As more companies and institutions turn to outsourcing security solutions and the industry continues to grow, we believe ABM will continue to increase its market share by providing professional security services throughout the United States.”
About ABM
ABM Industries Incorporated is among the largest facility services contractors listed on the New York Stock Exchange. With fiscal 2003 revenues in excess of $2.2 billion and more than 70,000 employees, ABM provides janitorial, parking, security, engineering, lighting and mechanical services for thousands of commercial, industrial, institutional and retail facilities in hundreds of cities in the United States and British Columbia, Canada. In addition to ABM Security Services, which includes American Commercial Security Services (ACSS) and Security Services of America (SSA), the ABM Family of Services includes ABM Janitorial, Ampco System Parking, Amtech Lighting, ABM Engineering, CommAir Mechanical and ABM Facility Services.About Sentinel Guard Systems
Sentinel Guard Systems, subdivision of Tracerton Enterprises is specialized in security services. They provide security officer services primarily to high-rise, commercial and residential structures.Sentinel provides unarmed, uniformed security officer services to the commercial market in the property management, industrial, and retail sectors.
Our service ranges from statewide, multi-location packages to single shift, 40 hr.wk. accounts. Sentinel's "Client List" includes many top property management firms, as well as large industrial companies and many "recognizable names" in the retail sector.
Sentinel is uniquely equipped to provide a customized security program for your needs. The company operates under license number PPO 10575 and is fully insured.
In addition to unarmed uniformed service, SENTINEL can provide our clients the following services independently, or in combination:
• Security audits and analyses
• Security systems design
• Electronic security system design and installation
• Fire and life safety orientation and training
• Customized security programs
• Support for in-house programs
• Customized conversions from in-house to contract security
Tracerton
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