US military security services company Constellis explores sale

US military security contractor Constellis Holdings (earlier known as Blackwater), is exploring a sale in a deal that may value the company at as much as $1 billion, including debt, Reuters yesterday reported, citing people familiar with the matter.

Private equity firms Forte Capital Advisors and Manhattan Strategic Ventures, owners of Constellis, have hired advisory firm BDT & Co, to run an auction for the company, the report said.

Constellis has 12-month earnings before interest, tax, depreciation and amortization of around $170 million, the report added.

Virginia-based Constellis was founded in 2003 by US Army Special Forces veterans Matt Mann and Tom Katis and former Delta Force personnel.

It provides security services focused on counter terrorism, force protection, training, law enforcement and security operations to government and commercial clients worldwide.

It employs more than 8,000 people, most of whom are former former Delta Force and Army Special Operations personnel, SEALs, Rangers, Marine Corps Special Operations, Marine Security Guards, and law enforcement officers, who operate in 25 countries across Africa, the Americas, Asia, Europe and the Middle East.

It received its first contracts from the US government to help guard and equip allied forces in the war zone, especially for the Coalition Provisional Authority.

In 2014, it acquired Academi (formerly Blackwater), whose employees killed 17 Iraqi civilians and injured 20 in Nisour Square, Baghdad.  Four of its guards were convicted in a US court.