USIS Announces Agreement to Be Acquired by Providence Equity Partners; New Growth Opportunities for Leading Pre-employment Screening and Security Services Firm
Falls Church, VA – USIS announced today that Providence Equity Partners Inc. (“Providence”), a leading private investment firm, has agreed to acquire the company from Welsh, Carson, Anderson & Stowe (WCAS) and The Carlyle Group for approximately $1.5 billion. USIS is a leading provider of pre-employment screening solutions, the largest provider of security investigations for the federal government, and a global supplier of cleared personnel supporting critical federal programs.
According to USIS’s Chief Executive Officer, the acquisition provides new growth opportunities for the business in its targeted end markets and specialized businesses.
“We’re very pleased to partner with Providence,” said Randy E. Dobbs, CEO of USIS. “This is a natural step forward for USIS at this time in our history. This acquisition represents an opportunity for USIS to grow our current businesses and look for potential opportunities that broaden our services into other areas of the overall screening and security markets.”
“Since its formation in 1996, USIS has strived to offer great service to the United States Government as the leading provider of federal background investigations,” said Julie Richardson, a Managing Director of Providence. “Under Randy’s leadership, USIS has strengthened its field operations and improved efficiencies in its core government businesses, as well as expanded further into the commercial arena. We look forward to partnering with Randy and his team to support the company’s growth and the expansion of USIS’s leadership in the federal and commercial background screening industries.”
The transaction is expected to close in the third quarter of 2007 subject to regulatory approvals and other customary closing conditions.
Lehman Brothers Inc. served as financial advisor to USIS on this transaction.
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