BREAKING NEWS

Former Blackwater security firm bought by investment group

By ASSOCIATED PRESS

DECEMBER 18, 2010 02:38

RALEIGH, N.C. – An investment group with ties to the founder of the company formerly known as Blackwater announced Friday that it has bought the security firm, which was heavily criticized for its contractors' actions in Iraq.

USTC Holdings said in a statement that the acquisition of the company now called Xe Services includes its training facility in North Carolina.

Terms of the deal were not disclosed. But the statement said owner and founder Erik Prince will no longer have an equity stake and no longer be involved in Xe's management or operations. The company will be managed by a board appointed by the equity holders and will include independent, unaffiliated directors, the statement said.

Prince founded the company in 1997 along with former colleagues from the Navy SEALs.

The ownership group is led by two private equity firms, including New York-based Forte Capital Advisors. Forte managing partner Jason DeYonker has been a longtime financial adviser to Prince, helping him expand the Moyock, N.C., training grounds and negotiating Blackwater's first training contracts with the US government.

Xe announced in June that it was seeking a buyer. At the time, Prince said selling the company was a difficult decision, but constant criticism of Xe helped him make up his mind.

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