Altegrity, a portfolio company of Providence Equity Partners, has completed its $1.13 billion acquisition of investigations company Kroll from Marsh & McLennan Cos. Altegrity is led by former Marsh CEO Michael Cherkasky.
Altegrity, Inc., an industry-leading provider of information solutions to its clients around the world in the areas of screening, risk analysis, and security solutions, and Marsh & McLennan Companies, Inc. (NYSE: MMC), the global professional services firm, today announced the completion of the acquisition of Kroll Inc. by Altegrity. The agreement to acquire Kroll was announced on June 7, 2010, and was subject to certain regulatory approvals and other customary closing conditions.
Altegrity, which is principally owned by Providence Equity Partners, acquired Kroll from MMC in an all-cash transaction valued at $1.13 billion. Goldman, Sachs & Co. and Apollo Investment Corp. provided debt financing for the transaction. MMC was advised by Perella Weinberg Partners and Wachtell, Lipton, Rosen & Katz, LLP. Altegrity was advised by Goldman, Sachs & Co. and Bank of America Merrill Lynch. Debevoise & Plimpton LLP served as legal counsel to Altegrity and Providence.
Kroll becomes the newest member of the Altegrity family of businesses, joining USIS, HireRight, Explore, and Altegrity Risk International (ARI). The acquisition brings together the highly complementary Altegrity and Kroll business lines and further diversifies the business offerings of Altegrity.
About Altegrity, Inc.
Altegrity, a global screening and security solutions company headquartered in Falls Church, Va., has nearly 8,000 employees in locations around the world. Altegrity, which is the holding company for USIS, HireRight, Explore Information Services, and Altegrity Risk International, partners with its government and commercial clients to help them Make Decisions Smarter® by uncovering, reviewing, analyzing, and delivering information. Through its operating companies, Altegrity is the largest commercial provider of background investigations for the government; a global commercial employment background and drug screening supplier to more than 25 percent of the Fortune 500; one of the principal providers of data services to the insurance industry; and a leading provider of high-quality due diligence, investigative, analytic, consulting, intelligence, and security solutions to organizations and multinational corporations around the world. Altegrity’s website is www.altegrity.com.
About Kroll Inc.
Kroll, the world’s leading risk consulting company, provides a broad range of investigative, intelligence, financial, security, and technology services to help clients reduce risks, solve problems, and capitalize on opportunities. Headquartered in New York with offices in more than 55 cities in over 27 countries, Kroll has a multidisciplinary team of more than 3,000 employees and serves a global clientele of law firms, financial institutions, corporations, non-profit institutions, government agencies, and individuals. Kroll is a subsidiary of Marsh & McLennan Companies, Inc. (NYSE: MMC), the global professional services firm. Kroll’s website is www.kroll.com.
About Providence Equity Partners
Providence Equity Partners is the leading global private equity firm specializing in equity investments in media, entertainment, communications, and information services companies around the world. The principals of Providence manage funds with more than $22 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 existing and prior investments include Altegrity, Bresnan Broadband Holdings, Casema, Com Hem, Digiturk, Education Management Corporation, eircom, Hulu, Idea Cellular, Kabel Deutschland, NexTag, Ono, PanAmSat, ProSiebenSat.1, Recoletos, TDC, Univision, VoiceStream Wireless, Warner Music Group, Western Wireless, and Yankees Entertainment and Sports Network. Providence is headquartered in Providence, R.I. (USA) and has offices in New York, London, Los Angeles, Hong Kong, and New Delhi. Providence Equity Partners’ website is www.provequity.com.