Sep 7, 2019 3:41 PM EDT

News Details

<<  Back
Mar 04,2005

ABM Industries Completes Acquisition of Amguard Security and Patrol Services

ABM Industries Completes Acquisition of Amguard Security and Patrol ServicesSAN FRANCISCO, CA — March 4, 2005 — ABM Industries Incorporated (NYSE:ABM) announced that its subsidiary, Security Services of America (SSA), has completed the acquisition of Amguard Security and Patrol Services, based in Germantown, Maryland, for $1.05 million in cash. Additional consideration includes a promissory note, due and payable June 29, 2005, in the amount of $450,000, subject to reduction in the event certain revenue targets are not achieved. With annual revenues in excess of $4.5 million, Amguard is a provider of security officer services, primarily to high-rise, commercial and residential structures.

“We are pleased to welcome the dedicated men and women of Amguard to the Security Services of America family,” stated Jim Stevens, president of SSA, which has its headquarters in Morehead City, North Carolina. “The acquisition is consistent with ABM’s long-term strategy, and the Amguard organization strengthens our market position in the metro areas of Maryland, Northern Virginia, and Washington, D.C. 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.”

ABM Industries Incorporated is among the largest facility services contractors listed on the New York Stock Exchange. With fiscal 2004 revenues in excess of $2.4 billion and more than 73,000 employees, ABM provides janitorial, parking, security, engineering, lighting and mechanical services for thousands of commercial, industrial, institutional and retail facilities in hundreds of cities across the United States and British Columbia, Canada. In addition to ABM Security Services, which includes American Commercial Security Services (ACSS) and SSA, the ABM Family of Services includes ABM Janitorial, Ampco System Parking, Amtech Lighting, ABM Engineering, CommAir Mechanical and ABM Facility Services.

Copyright West LLC. Minimum 15 minutes delayed.