2007-03-22 18:47:03 -
AUBURN HILLS, Michigan, March 22 /PRNewswire/ --
RGIS Holdings LLC, the world's largest inventory and retail services
company, has announced today that an affiliate of The Blackstone Group has
agreed to purchase a controlling interest in the company. The terms of the
transaction are not disclosed.
The current RGIS ownership group will retain a significant stake in RGIS
post-close. Goldman, Sachs & Co. has committed to provide bank debt and
mezzanine financing.
"We are excited to work with our new partners
at Blackstone to continue
to realize and expand upon the vision that in almost 50 years has made RGIS
the world leader in its market segments with operations in over 25 countries.
We were first approached by Blackstone late last year, and from the outset we
decided that partnering with them would provide us with important advantages
that would enable us to fully realize our potential," said CEO Paul Street.
"RGIS has a tremendous franchise and great growth prospects," said Ben
Jenkins, Senior Managing Director of The Blackstone Group. "We are delighted
to partner with the strong management team to extend the Company's
outstanding track record of quality, reliability and innovation."
Retail Grocery Inventory Services was founded in 1958, offering grocery
stores an accurate and economical alternative to in-house inventories. Within
a few years, the business expanded throughout the Midwest and started
conducting counts in other retail environments throughout the U.S. Today,
RGIS has become the largest inventory and retail services company in the
world, serving local businesses as well as Global 500 and Fortune 500
companies. Annually RGIS provides over 450,000 counts or more than 1,225
counts per day for retail clients such as Wal-Mart, CVS, Home Depot, and
Target.
The transaction is subject to satisfaction of customary conditions and is
expected to close in the first half of 2007.
About RGIS
RGIS is the global leader in inventory and retail services, with
substantial reach through 400 offices across North America, South America,
Australia, Asia and Europe and employs more than 40,000 trained personnel.
RGIS has nearly 50 years of experience and a track record of excellence in
delivering inventory services to retailers. Further information is available
at www.rgisinv.com.
About The Blackstone Group
The Blackstone Group is a leading global alternative asset manager and
provider of financial advisory services. The Blackstone Group is one of the
largest independent alternative asset managers in the world. Its alternative
asset management businesses include the management of corporate private
equity funds, real estate opportunity funds, funds of hedge funds, mezzanine
funds, senior debt funds, proprietary hedge funds and closed-end mutual
funds. The Blackstone Group also provides various financial advisory
services, including mergers and acquisitions advisory, restructuring and
reorganization advisory and fund placement services.
Web site: www.rgisinv.com
Source: RGIS Holdings LLC
