United American Security

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Company Description:

  • United American Security is an unarmed security guard services business focused on serving a variety of manufacturing, distribution, retail, and commercial office clients


  • Nick Christopher sourced the deal through a fundless sponsor in his network because of our expertise in buy-and-build transactions with labor management components
  • We purchased three small regional security guard businesses simultaneously and created a headquarters in Raleigh, NC around a new senior leadership team

Investment Thesis/Opportunity:

  • Back an experienced CEO to execute a roll-up in the fragmented manned security industry
  • The highly fragmented security guard industry is going through a generational transfer, with many aging owners unable to find buyers of their business with the exception of the multi-billion-dollar strategics that they competed against while building their companies
  • We saw an opportunity to be the preferred buyer for these individuals and execute a buy-and-build strategy to grow into a multi-regional player with ~$100 million in revenue
  • At that size, we were confident there would be significant interest in the asset from strategic buyers due to scarcity value and the best-in-class operation we would build
  • The formation of the platform brought together three targets with long-standing customer relationships and contracts, and a focus on excellent customer service under a new CEO that had successfully orchestrated acquisition strategies in the space in the past

Growth Strategy:

  • We leveraged our industry knowledge and proprietary sourcing capabilities to execute a buy-and-build strategy, purchasing 21 businesses over our hold period
  • In addition, we implemented centralized technology, processes, and systems under the UAS banner
  • Finally, to accelerate organic growth, we implemented a revised go-to-market strategy and invested in a sales force, which yielded increased organic growth while the Company was able to minimize contract losses with a focus on customer service


  • The Company grew sales and EBITDA during our hold period by over 5x while we institutionalized the business to be ready for the next buyer
  • We sold UAS to a large strategic buyer in Q1 2018

Deal Highlights

  • Headquartered in Raleigh, NC
  • Acquisition growth strategy in a highly fragmented market
  • Sales and EBITDA increased 5x over investment period
  • Acquired April 2010 / Exited March 2018
  • 2.1x Gross CoC return / 12% Gross IRR
  • www.unitedamericansecurity.com