GardaWorld

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Founded in 1995 by CEO Stephan Crétier, GardaWorld has grown to become one of the world’s largest privately-owned security services providers.

Headquartered in Montreal and with operations around the globe, the company offers a wide range of services across physical and tech-enabled security solutions, as well as end-to-end cash management.

BC Partners acquired a majority stake in 2019 through a bilateral transaction that valued the company at C$5.2bn — the largest private buyout in Canadian history at the time.

Sector: Services & Industrials
Strategy: Private Equity
Investment year: 2019
Exit year: 2024
Region: North America
Investment status: Partially Realised/Publicly Traded

The BC angle

Sub-sector expertise

Leveraged deep expertise in recurring commercial services to proactively identify and quickly build conviction in GardaWorld

Partner of Choice

Drawing on the firm’s extensive Canadian network and long-standing reputation for partnership with founders and entrepreneurs, we engaged early with GardaWorld’s founder and CEO, Stephan Crétier, to unlock a bilateral transaction

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Our investment thesis

Superior operating model: A unique KPI-based culture and set of practices driving industry-leading margins and growth
Compelling market opportunity: Proven resilience through economic cycles, structural growth tailwinds, and attractive competitive dynamics – including GardaWorld’s top three market share across all key verticals
Proven M&A platform: A history of executing accretive tuck-in deals, as well transformative strategic acquisitions
Backing one of the industry’s best management teams: Leadership with proven entrepreneurial spirit, track record of value creation, and aligned interests through their significant ownership stake

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Building a better business

Under our ownership, and in partnership with management, the company has delivered on an ambitious growth strategy to create a bigger and better business. In North America, the company executed 11 tuck-in acquisitions to solidify GardaWorld’s leading position in Canada and create a national platform in the large, high-growth US market. Through a combination of M&A and organic investment, the company launched two new tech-enabled platforms: ECAMSECURE (remote & virtual surveillance) and Crisis24 (risk management), which provide GardaWorld with exposure to technology growth tailwinds and add high-margin, recurring revenues to the company. Through five strategic acquisitions in the cash automation space, GardaWorld transformed its cash services division into the industry’s only end-to-end cash management platform, with exciting growth opportunities and high-margin, subscription revenue streams.

Entering 2024, the company had successfully transformed into a true global leader. In five years of partnership with BC, GardaWorld more than doubled in size, expanded profit margins, and accelerated organic growth. Most importantly, the company was ready for the future, with a market-leading suite of tech-enabled security and cash management services that position it to drive organic growth for years to come.

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Our results together

Having already outpaced our original value creation plans we shifted our attention to designing a unique exit that would satisfy three goals. First, to crystalise an attractive return for our investors, second, to participate in the future value creation opportunities provided by GardaWorld’s ongoing success, and lastly, to deliver on our partnership with Stephan Crétier and management by helping them achieve their long-held goal of taking majority control of the company.

In October 2024, we signed an exit agreement, recapitalising GardaWorld in a C$13.5bn transaction that saw management take a majority ownership stake, with HPS Investment Partners and a group of co-investors acquiring a minority stake. As part of the transaction, BC Partners maintains a minority interest — a reflection of our continued conviction in the company’s potential.

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GardaWorld's continued success

Driven by a relentless entrepreneurial culture and core values of integrity, vigilance, trust and respect, GardaWorld remains the security partner of choice for many of the world’s most prominent brands, influential individuals, Fortune 500 corporations, and governments.

As a minority investor, BC Partners is fully committed to supporting GardaWorld’s management team as they work to continue the business’ success and take the company to even greater heights.