US private equity firm Audax Group has acquired private security company Andrews International for an undisclosed amount from a consortium including DFW Capital Partners, Meridian Venture Partners and Theo Capital Partners.
Southern California-based Andrews provides private security and risk mitigation services to the entertainment, high-end retail, financial services, commercial property management and education industries. The company offers uniformed security, consulting and investigations, personal protection, special event security and disaster response services.
Andrews chief executive Randy Andrews will stay on as head of the company.
private security provider
The DFW-led consortium purchased an undisclosed stake in Andrews’ in 2004 when the company was known as CopStat Security.
“Originally the company produced about $30 million in revenue, and since the original investment has grown dramatically,” Keith Pennell, DFW general partner, told PEO. In a quarterly newsletter posted on the company’s website, Andrews estimated its revenues to exceed $200 million for 2008.
The consortium guided Andrews to seven add-on acquisitions to the original platform leading up to the Audax sale. In August, Andrews acquired Michigan-based private security company Seventrees Corporation for an undisclosed amount.
Andrews currently employs nearly 7,500 security consultants, officers and personnel at 37 operating locations throughout the United States, providing nearly 210,000 hours per week of contract uniform security in the U.S. and other security services throughout the world.
Boston-based Audax manages in excess of $4.3 billion in equity, mezzanine debt and senior loan capital.