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Xe, formerly Blackwater, sold to NY group

Posted December 17, 2010

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— A consortium of New York investors is buying North Carolina-based Xe Services, the company formerly known as Blackwater.

Financial terms were not disclosed.

Xe Services, which was founded in 1997 and became embroiled in controversy with its private contractors in the wars in Iraq and Afghanistan, is based in Moyock in Currituck County.

USTC Holdings, the acquiring group, includes private equity firms Forte Capital Advisors and Manhattan Partners.

Xe continues to provide training at its huge complex as well as global security and technical services.

“Xe provides indispensible training and expertise to government and commercial entities around the world," said Jason deYonker, managing partner at Forte. "We look forward to partnering with management to realize our collective vision for Xe’s future.”

DeYonker has worked closely with Xe and Blackwater founder Erik Prince, serving as co-manager of Prince's family business from 1998 through 2002. Prince stepped away from the firm in early 2009.

The acquiring firms noted that Prince is the "sole selling owner and member, will divest the entirety of his equity stake through the transaction and will not be involved in the management or operation of the Company."

Management of Xe will come through a board appointed by the new owners.

Bank of America Merrill Lynch provided the financing.

21 Comments

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  • I Change This Name Daily Dec 17, 2010

    yeah man you go foxy

    i have wal mart stock. wal mart kills too.

  • Hatchcover Dec 17, 2010

    And where did Erik Prince go? To the United Arab Emirates - a major hub for the US war industry and it has no extradition treaty with the United States. Nice!

  • The Fox Dec 17, 2010

    [GE don't make a profit off of killing people.] You are funny. First a disclaimer: I'm invested in GE. I don't (like some folks here) have an adversion to prosperity. But you need to understand that GE is the largest manufacturer of nuclear weapons. Add to that the scores of GE military jet engines, not to mention down to the occasional GE gas stove that someone will stick their head in. GE products kill. I see why I am prosperous and you can only be jealous of those who are.

  • I Change This Name Daily Dec 17, 2010

    xe protects halliburton so they can take all the iraqi oil

    in bed together

  • Truth Time Dec 17, 2010

    It's perfectly clear dcatz has no idea what Xe does... Keep living in your make believe world

  • GWALLY Dec 17, 2010

    Some very good men working in a very bad environment.....!!!! Like they say....freedom ain't free so give war a chance!!!!

  • JustAGuyInNC Dec 17, 2010

    war criminals and rapists!? wow - guess there's no point in arguing with stupid then. Nothing like lumping the whole organization into a single category because of the actions of a few.

    ...and I was pointing out how one group of organizations align themselves purely for working with various governments, making money, etc. It happens in the commercial sector at the same, or maybe an even more pronounced rate.

  • dawg59 Dec 17, 2010

    This is a good group of folks who risk there lives to protect others. Hey Libs..shut up!!!

  • dcatz Dec 17, 2010

    You know, they can rename themselves all they want and it isn't going to change the fact that they are still war criminals and rapists.

    Also don't compare Blackwater/Xe or whatever their name of the day is to Oracle or GE. Oracle and GE don't make a profit off of killing people.

  • Juncyard Dec 17, 2010

    War Criminals none the less cwood3...

    I saw plenty of situations and never deliberately took the life of a civilian and then tried to claim they were a threat when they were in fact, innocent.

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