Livingstone has exited from IPC International Corp to security firm Universal Protection Service LLC in a deal valued at USD24 million. The said transaction was completed after a bankruptcy auction, according to PE Hub.
IPC entered into a stalking horse purchase deal with Universal Protection. This is an attempt of the latter to test the market before the auction to maximize its assets in case of bankruptcy. In August 2013, IPC filed for Chapter 11 Bankruptcy protection in the US Bankruptcy Court for the District of Delaware, the report explained.
After a competitive bankruptcy auction, the firm's security guard operations were acquired by Universal Protection for USD24 million cash. A multi-million dollar fund was also established for the general liability claims of IPC clients who signed amended customer contracts, the report stated.
IPC sought counsel from Brandon Levitan and Paul Possinger of Proskauer Rose LLP on the transaction. On the other hand, Universal Protection sought counsel from John Sieger of Katten Muchin Rosenman LLP, the report stated.
IPC is a company that provides security solutions for shopping centers. The firm's main office is located in Bannockburn, Illinois. Universal Protection is a division of Universal Services of America Inc, PE Hub said in its report.
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