ATI INTL. BOUGHT BY CANADIAN SECURITY FIRM
 PASADENA – 05/24/07 – California-based ATI Systems International has been acquired by Garda World Security Corp. of Montreal, Canada for a reported $341 million.
ATI International is the third-largest cash handling services provider in the US with 1,500 vehicles and 7,000 employees in 35 states. The company currently controls an 18% market share in an industry dominated by arch-rival Brinks.
Garda World – an investigation and security services company – expects the combination will bring its annual revenue to more than C 1.4 billion.
The transaction will make the company the fifth largest integrated physical security and cash-handling services provider in the world on a revenue basis and also includes the acquisition of AT Systems Security Inc., a security screening services contractor at a number major airports in the US and Canada.
At the same time, ATI's Ameriflight Inc. subsidiary, which carries cargo for banks, was sold to a management-led group while its fleet of 179 aircraft will be retained by ATI.
Over the past year, ATI generated revenues of more than $500 million.
The acquisition – the largest in its 12-year history will be paid for through a refinancing of credit with both long-and short-term debt of $625 million.
According to industry analysts, the buy-out will be the first time that Brink's will have a clear competitor in the US and Canada.
Garda World's US headquarters will be relocated to Pasadena, California as the company consolidates operations and shutters duplicate offices across the country.
The company has identified consolidation opportunities in 10 key markets, most notably Minnesota, Indiana, Illinois, and Ohio.
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