AUBURN HILLS, MI, March 22 /CNW/ - 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
"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.
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
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.
For further information:
For further information: Media and Investors, Dave Feidner of RGIS,
+1-248-601-6507, firstname.lastname@example.org; or John Ford of The Blackstone Group,
+1-212-583-5559, email@example.com, Web Site: http://www.rgisinv.com