USIS Announces Agreement to be Acquired by Providence Equity Partners
New Growth Opportunities for Leading Pre-employment Screening and Security Services
Firm
Media Contacts:
USIS
Michael John
703.637.1694
michael.john@usis.com
Providence Equity Partners
Andrew Cole
Sard Verbinnen & Co
415.618.8750
acole@sardverb.com
FALLS CHURCH , Va., May 11, 2007 – USIS
announced today that Providence Equity Partners Inc. (“ Providence”),
a leading private investment firm, has agreed to acquire the company from Welsh,
Carson, Anderson & Stowe (WCAS) and The Carlyle Group for approximately $1.5
billion. USIS is a leading provider of pre-employment screening solutions, the largest
provider of security investigations for the federal government, and a global supplier
of cleared personnel supporting critical federal programs.
According to USIS’s Chief Executive Officer, the acquisition provides new
growth opportunities for the business in its targeted end markets and specialized
businesses.
“We’re very pleased to partner with Providence,” said Randy E.
Dobbs, CEO of USIS. “This is a natural step forward for USIS at this time
in our history. This acquisition represents an opportunity for USIS to grow our
current businesses and look for potential opportunities that broaden our services
into other areas of the overall screening and security markets.”
“Since its formation in 1996, USIS has strived to offer great service to the
United States Government as the leading provider of federal background investigations,”
said Julie Richardson, a Managing Director of Providence. “Under Randy’s
leadership, USIS has strengthened its field operations and improved efficiencies
in its core government businesses, as well as expanded further into the commercial
arena. We look forward to partnering with Randy and his team to support the
company’s growth and the expansion of USIS’s leadership in the federal
and commercial background screening industries.”
The transaction is expected to close in the third quarter of 2007 subject to regulatory
approvals and other customary closing conditions.
Lehman Brothers Inc. is serving as financial advisor to USIS and is providing acquisition
financing for the transaction.
Providence Equity Partners is the leading global private equity
firm specializing in equity investments in media, entertainment, communications
and information companies around the world. The principals of Providence manage
funds with approximately $21 billion in equity commitments and have invested in
more than 100 companies operating in over 20 countries since the firm's inception
in 1989. Significant investments include Bresnan Broadband Holdings, Casema, Com
Hem, Digiturk, Education Management Corporation, eircom, Freedom Communications,
Idea Cellular, Kabel Deutschland, Metro-Goldwyn-Mayer, Ono, Open Solutions, PanAmSat,
ProSiebenSat.1, Recoletos, TDC, Univision, VoiceStream Wireless, Warner Music Group,
Western Wireless and Yankees Entertainment Sports Network. Providence is headquartered
in Providence, RI ( USA) and has offices in New York and London. The firm is opening
offices in Hong Kong and New Delhi.
USIS , established in 1996, helps businesses, federal agencies,
and institutions protect critical assets, evaluate information, and identify and
mitigate risk. The company offers a broad range of services including pre-employment
and drug screening services, background investigations, business intelligence and
risk management solutions, and national security training and staffing professional
services. The company provides its specialized, customer-focused services to companies
ranging from major retailers to small businesses as well as critical program support
for federal agencies.
USIS’s three divisions include the Investigative Services Division
, the largest supplier of background investigations to the U.S. Government; the
Commercial Services Division, a leading provider of pre-employment and
drug screening services to commercial clients nationwide; and the Professional Services
Division, which provides cleared personnel supporting critical federal
programs.
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Established in 1996, USIS (www.usis.com) is a
leading provider of pre-employment and screening services to corporate and government
clients. With more investigators in the field than any other company in North America
and top IT technology solutions, USIS provides background investigations, drug screening
solutions, and security training and staffing services. Headquartered in Falls Church,
Va., USIS employs more than 7,000 associates that support business operations in
all 50 states, U.S. territories, and overseas
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