Allied Universal has sold its majority stake in AMAG Technology, a leading global provider of integrated solutions for high-security access control, identity management, guest and video management, to growth investor Shore Rock Partners. Allied Universal will retain a significant minority stake in the company.
Strategic realignment for long-term growth
With the change in ownership, David Sullivan, previously president of AMAG, will assume the position of CEO. Shore Rock Partners, supported by strategic capital from Belltower Partners, plans to further expand AMAG’s product portfolio, develop service models and enhance the company’s capabilities to secure people, identities and assets worldwide.
Steve Jones, Global Chairman and CEO of Allied Universal, explained:
‘AMAG has been an important part of our team. We see this transaction as the next stage of growth and believe that separating from our service-based business model will give the company more autonomy and flexibility to drive its product development. Our continued investment reflects our support for AMAG and its customers.’
Continuity for customers and partners
AMAG’s operational organisation, including support and customer service teams, will remain unchanged after the transaction. The aim is to ensure a seamless handover and stable continuity of services and customer relationships.
Shore Rock emphasises the long-term growth strategy: ‘AMAG enjoys the trust of customers in highly demanding environments. We want to build on this position, deepen relationships with customers and distribution partners, and drive product development in a targeted manner,’ explained Ashton Wackym and Sebastian Levy, co-founders of Shore Rock Partners.
CEO David Sullivan added:
‘This partnership is an important milestone for AMAG and our customers. Shore Rock takes a thoughtful, long-term approach that aligns with our commitment to reliability, innovation and service. The investment will enable us to further strengthen our platform and deliver solutions that meet the needs of high-security environments.’
Support from Belltower Partners
The transaction is being strategically supported by Belltower, a private equity firm founded by Kewsong Lee. Belltower provides Shore Rock with operational and strategic support and ensures the implementation of growth plans. Lee commented:
‘We have full confidence in Shore Rock’s capabilities and look forward to realising AMAG’s enormous potential together.’
The private funds raised for the acquisition were oversubscribed, underscoring the strong demand from institutional investors and family offices worldwide. The transaction was negotiated bilaterally; Shore Rock Partners was advised by Gibson, Dunn & Crutcher and McGuireWoods, Allied Universal by Sheppard, Mullin, Richter & Hampton, and Belltower by McDermott Will & Schulte.
The change of ownership marks the beginning of a phase of increased independence, strategic investment and further development of the product range in the global high-security market for AMAG.
