GardaWorld
 | |
| Company type | Private |
|---|---|
| Industry | Security & Protection Services and Cash Management Services |
| Genre | Security services |
| Founder | Stephan Crétier |
| Headquarters | 2300, rue Émile-Bélanger Montreal, Quebec H4R 3J4 |
Key people | CEO: Stephan Crétier CFO: Patrick Prince President, GWFS: Pete Dordal |
| Services | Security and Cash Services Solutions |
| Revenue | $5.300 billion CAD (2023)[1] |
Number of employees | 122,000 (January 2020) |
| Website | www |
GardaWorld Corporation is a Canadian private security firm, headquartered in Montreal, Quebec, with 120,000 employees as of January 2022. Its U.S. business name is United American Security LLC, dba GardaWorld.
GardaWorld International Protective Services,[2] the international division of the company, began operations in 1984. GardaWorld Security Corporation was established as Trans-Québec Security Inc. by Stephan Crétier in 1995, who invested initially $25,000.[3] The company runs physical security guard services and armoured car services globally.[4]
History
[edit]During the mid-2000s, GardaWorld had a number of acquisitions, the one of which was a $391 million deal for the US security-oriented firm ATI Systems International.[3] in which GardaWorld ended up suing ATI's former CEO for allegedly misrepresenting its financial situation, while the CEO sued for wrongful dismissal.[3]
In January 2006 Vance International was purchased from SPX Corporation.[5] In December 2006 Kroll Security International was purchased from Kroll.[6]
On June 3, 2009, GardaWorld announced the sale of its U.S. and Mexico guarding operations to Andrews International for US$44.25 million, following a particularly poor financial performance the previous year; in mid-2008, GardaWorld's stock fell by more than 90%.[3] Debt restructuring followed and the company was left afloat, but looking weak in the eyes of its investors. Over the next few years, the results gradually improved and this was attributed to high demand for services in the Middle East and Afghanistan.[3]
GardaWorld resumed making acquisitions, which drove its debt to $639 million, 4.2 times that of its operating profit (as of September 7, 2012).[3] This has prompted owner Stéphan Crétier to lead a buyout of his firm and he has revealed plans with a British private equity firm, Apax Partners, that could result in a $300 million ownership division of the company.[3]
On July 13, 2015, GardaWorld announced the acquisition of Aegis Defence Services to expand in Africa and the Middle East.[7] The acquisition was completed on 12 October 2015 for $131 million plus an earnout amount.[8]
Rhône acquired the business in 2017 alongside Crétier and some members of management from Apax Partners in a deal valued at $2.2 billion. Apax originally took the company private in 2012 for about C$1.1 billion.
In November 2019, GardaWorld acquired UK-based specialist in travel risk management, Drum Cussac.[9]
Incidents
[edit]
2020 investigation into armored truck crashes and deaths
[edit]A March 1, 2020 article by the Tampa Bay Times found the company engaged in a decade of dangerous behavior and its trucks frequently caused crashes: "At least 19 people have been killed in Garda crashes since 2008, three in 2019 alone."[10][11][12][13][14][15] Based in part on a former employee's documents and data (which GardaWorld has unsuccessfully argued was stolen from the company) and then used unsuccessfully in two dismissed lawsuits [16] and 90 interviews, 56 of them being current or former drivers, the article shows that Garda trucks frequently lacked reliable brakes, seat belts and sometimes even seats. The article also documents that drivers often received barely any training and said they were pressured to work long hours, even after repeated crashes.[10][17]
The GardaWorld database showed that during one period there were over 100 crashes on average monthly and that over a two-and-a-half-year period over 320 people were injured.[18] Additionally, the former employee alleges that GardaWorld offered to pay her to buy her silence, but that she chose not to accept money because: "I know I made the right decision by not accepting the money or signing a release. I believed in the truth prevailing – and am grateful to be able to share my story to help others."[19][20]
2021 Fall of Kabul
[edit]During the Fall of Kabul, on 19 August, The Guardian reported that the 125 guards of the Embassy of the United Kingdom in Kabul employed by GardaWorld would not be offered asylum in the UK. They were told that they were not eligible because they “were not directly employed by her majesty’s government”. Meanwhile, over 100 guards of the Embassy of the United States in Kabul under a separate GardaWorld contract have been evacuated by the US.[21]
On August 27, it was reported that GardaWorld gathered 185 families who worked for the embassy, 1,000 people in total, in a failed attempt to evacuate them. GardaWorld committed to further attempts "once things calm down in the coming months."[22]
2024 Easter Sunday Heist
[edit]On Easter Sunday, 2024, thieves stole between 20 and 30 million dollars from a GardaWorld cash storage facility in Sylmar, California.[23] Considered to be the work of sophisticated criminals, it is the largest cash heist in Los Angeles history.[24]
References
[edit]- ^ "GardaWorld 2023 SUSTAINABILITY REPORT" (PDF). Garda World Inc. 28 Dec 2023.
- ^ "GardaWorld | Security Services | Cash Services". www.garda.comwww.garda.com.[permanent dead link]
- ^ a b c d e f g Sean Silcoff (7 September 2012). "Garda World Security founder leads company buyout". The Globe and Mail.
- ^ GardaWorld fast facts
- ^ Garda completes acquisition of Vance International Security Infowatch January 18, 2006
- ^ Garda buts Kroll Security Globe & Mail December 7, 2006
- ^ "GardaWorld Announces Strategic Expansion to Become the Premier Security Provider in Africa and the Middle East". GlobeNewswire News Room. 2015-07-13. Retrieved 2020-07-30.
- ^ "Mergers & Acquisitions - Highlights". Séguin Racine. Retrieved 2020-07-30.
- ^ "GardaWorld, the world's largest privately owned integrated security and risk company acquired Drum Cussac".
- ^ a b Moving Millions, Leaving Mayhem: As it built an armored truck empire, GardaWorld took dangerous shortcuts. Its workers and unsuspecting motorists suffered the consequences.
- ^ New claims added in La Jolla armored car wrongful death lawsuit
- ^ Widow says video reveals truth of husband's death in motorcycle crash: Virgilio Martinez was on his motorcycle when he and a Garda armored truck collided in Arlington on Collins near Six Flags.
- ^ New Allegations in Mikaela Jones Wrongful Death Case Blame Garda for Negligently Entrusting Armored Truck to Driver
- ^ GardaWorld issues statement following fatal crash in Chatham
- ^ $100M Wrongful Death Trial Over Motorcyclist’s Collision With Armored Truck Settles During Jury Deliberations
- ^ Dismissed Lawsuit: UNITED STATES OF AMERICA, ex rel CHRISTINE BOUQUIN v GARDA WORLD, et al
- ^ Court Records Show GardaWorld's Pattern of Running Red-Lights, Non-Payment of Fines, Collections, Guilty Plea, and License Suspension
- ^ Mayhem: No, not Allstate. GardaWorld.
- ^ Christine Bouquin: GardaWorld offered me money to sign a "Confidential Separation Agreement/Release"
- ^ Board Chairman Threatened To Kill Execs|If They Talked About Finances, VP Says
- ^ "Guards at Kabul embassy told they are ineligible for UK protection". The Guardian. 19 August 2021. Retrieved 23 August 2021.
- ^ "'We feel hopeless now': the British nationals left behind in Kabul". The Guardian. 27 August 2021. Retrieved 28 August 2021.
- ^ Winton, Richard. "The perfect heist? Inside the seamless, sophisticated, stealthy L.A. theft that netted up to $30 million". LA Times. Retrieved 7 April 2024.
- ^ Alonso, Melissa; Campbell, Josh. "Burglars steal $30 million in cash from a Los Angeles money storage facility – one of the city's largest cash heists". CNN. Retrieved 7 April 2024.
External links
[edit]
- Official website
- Security group GardaWorld placed under investigation and ordered to leave Libya, April 26, 2023 (requires free registration)