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02/2016Minority

Rhone Capital invests in GardaWorld Security

CANADA Facility Management / Maintenance / Security & Guarding EV CAD 1–10bn

Context

The global private investment firm Rhône Capital signs a definitive agreement to acquire a significant minority stake in Corporation de Sécurité GardaWorld, officially reconfiguring the shareholding structure of the targeted security provider. Finalized as a massive structural recapitalization, this transaction establishes an overall valuation corresponding to an CAD 1–10bn. Under the rigorously negotiated capital restructuring, the incoming institutional backer captures exactly 45 percent of the outstanding shares of the target's parent company. This specific equity block is acquired directly from a subsidiary investment vehicle advised by the historical financial sponsor, Apax Partners, alongside select equity divestments from members of the internal management team. Despite this substantial capital injection from the new transatlantic investor, the historical sponsor Apax Partners and the target's founding Chief Executive Officer actively retain majority ownership of the consolidated enterprise. To ensure strict operational continuity and enduring leadership alignment, this controlling consortium formally retains the strategic right to appoint 60 percent of the members to the corporate board of directors. Furthermore, the existing board composition remains entirely unchanged following the close of the transaction, and all involved parties are subject to standard shareholder provisions governing this specific class of minority investment. The financial architecture governing this partial buyout is explicitly engineered to provide fresh institutional capital without disrupting the day-to-day enterprise continuity of the global operator. At the time of this complex cross-border capitalization shift, preliminary financial disclosures indicated that the target was projected to generate an annual CAD 1–10bn, while maintaining robust profitability metrics highlighted by an adjusted CAD 250–500M. This strategic maneuver seamlessly integrates a value-add partner capable of supporting the organization's continued structural growth across international markets. Subject strictly to the fulfillment of customary closing conditions and mandatory regulatory approvals from competent authorities, the definitive completion of this landmark transaction is officially anticipated to occur during the fiscal quarter ending on July 31, 2016.

It is worth noting that the fund Apax Partners took control of GardaWorld Security through an LBO in 2012.

-> Deep-dive in Business Services market trends

Target

GardaWorld Security Corp. structures, deploys, and manages artificial intelligence-enabled security technologies and integrated risk management operations for an international corporate clientele. Founded in 1995, the organization operates as a premier operator within the global physical security industry through an architecture of highly independent, robust operating businesses. The corporate infrastructure centralizes four distinct operational pillars under a single strategic umbrella: traditional security services, specialized technological protection, tailored risk consulting, and advanced cash automation solutions. By dividing its operational focus across these highly technical domains, the entity builds dedicated execution teams capable of addressing complex commercial vulnerabilities without disrupting day-to-day enterprise continuity. The service portfolio is strictly designed to fulfill the demanding physical protection requirements of prominent organizations navigating increasingly complex operational environments. Rather than relying on generic guarding functions, the firm systematically integrates proprietary software tools into its field deployments, ensuring strict alignment with modern corporate compliance standards. Through its dedicated management frameworks, the entity establishes resilient infrastructure designed to protect critical assets and personnel worldwide.

Ent. Value

CAD 1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (CAD)

Year
Rev
EBITDA
EBIT
2016
CAD 1–10bn
CAD 250–500M
[members only]
2015
CAD 1–10bn
CAD 250–500M
[members only]

Other operations with GardaWorld Security

Other operations with GardaWorld Security
DateAcquirerTargetCountrySector
02/2025HPS INVESTMENT PARTNERS / OAK HILL ADVISORS / ONE INVESTMENT MANAGEMENT / BC PARTNERSGARDAWORLD SECURITYCANADASecurity & Guarding
07/2019BC PARTNERSGARDAWORLD SECURITYCANADASecurity & Guarding
11/2012APAX PARTNERSGARDAWORLD SECURITYCANADASecurity & Guarding

Other operations with Rhone Capital

Other operations with Rhone Capital
DateAcquirerTargetCountrySector
09/2025RHONE CAPITALFREDDY’SUNITED STATESRestaurants / Chains
11/2021RHONE CAPITALPARAGON FILMSUNITED STATESPlastic Packaging
11/2020RHONE CAPITALILLYCAFFÈITALYBeverages

Similar deals in Facility Management

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04/2017DAVIESCYNERGIE UKUNITED KINGDOMBPO & Outsourcing
04/2017AMPLEXORSAJANUNITED STATESDocument Management
06/2016EQT PARTNERSAPLEONAGERMANYHVAC
06/2016DENTRESSANGLETESSIFRANCEDocument Management
01/2016NAXICAP PARTNERSACOLADFRANCEDocument Management
03/2015CALCIUM CAPITALGROUPE CAP VERTFRANCELandscaping
06/2014PAI PARTNERSVPS HOLDINGSUNITED KINGDOMSecurity & Guarding
11/2012APAX PARTNERSGARDAWORLD SECURITYCANADASecurity & Guarding
10/2011LATOUR CAPITALPROXISERVEFRANCEHVAC

REFERENCES

Valuation range: EV CAD 1–10bn

Revenue range: CAD 1–10bn

EBITDA range: CAD 250–500M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of GardaWorld Security by Rhone Capital are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: gardaworld security

Acquirer: rhone capital

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in GardaWorld Security, a Canadian company specialised in Maintenance, by Rhone Capital in 2016. This followed a prior holding cycle initiated by Apax Partners in November 2012, before ownership was subsequently transferred to BC Partners in July 2019 (see dedicated deal pages for details).

How was the acquisition of GardaWorld Security by Rhone Capital valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the CAD 1–10bn band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were GardaWorld Security’s revenue and EBITDA at the time of the deal?

At the time of the transaction, GardaWorld Security generated annual revenue estimated in the CAD 1–10bn range and EBITDA in the CAD 250–500M bracket (FY 2016). Detailed financial figures are available to members.

How does the valuation of GardaWorld Security compare to benchmarks in the Business Services sector?

With an estimated valuation multiple in the range of 5x - 12x in 2016, the transaction reflects historical valuation standards. By way of comparison, in 2026 companies in the Business Services sector are valued at a multiple of 11.5x EBITDA.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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