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January 18, 2011

Xe Services, LLC (Formerly Blackwater) Sold to USTC Holdings, LLC

At least when Blackwater was owned by Erik Prince, there was a face to go with the money. Now there are only unnamed partners in equity firms that are part of a consortium. One article announced: "The company going forward will be managed by a board appointed by the equity owners which will include independent, unaffiliated directors. The New York Times reported Friday the sale came after the State Department threatened to stop awarding contracts to the company as long as it was owned by Prince, a former Navy SEAL." The man who will be managing the company, however, is a long-time friend and business associate of Prince in the former Blackwater.

Companies mentioned in this article: USTC Holdings, LLC

Blackwater (Xe)
Blackwater: The Rise of the World's Most Powerful Mercenary Army [Revised and Updated]
Stock of Erik Prince

NEW YORK -- (BUSINESS WIRE) -- USTC Holdings, LLC, an investor consortium led by private equity firms Forté Capital Advisors (“Forté”) and Manhattan Partners (“Manhattan”), announced today that it has acquired Xe Services, LLC (“Xe” or the “Company”) and its core operating subsidiaries. Xe is a leading provider of training and technical services focused on worldwide diplomatic security operations. The terms of the agreement were not disclosed.