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security guard market, according to data for industry leaders that Allied Barton shared with investors last year.He said Allied Barton had been growing 5 percent a year since 2011, even without acquisitions, "fueled by an ever-increasing need for more security services in North America," "cheap" prices for regional security-guard firms, and highly profitable cash flow: "These are the main reasons why we are invested into this excellent business." Lemoine told investors the guard industry, dominated by former police and soldiers, is "very fragmented," showing "different degrees of unionization" and "no harmonization." (corrected) Labor accounts for about two-thirds of the company's costs.Labor organizers say they are ready to press the company and its global investor-owners to share its growing revenues with the workers it relies on."No matter what the name is on their shirt, we find workers want to organize," Morgan added."This is where the work is." The merger comes less than a year after Wendel bought around 95% of Allied Barton (itself a product of earlier mergers) from U. investor Blackstone Group for a price eventually marked at 8 million (more than 11 times EBITDA cash flow).The companies say they will keep both headquarters offices open, adding that more details might be announced by managers after the deal closes later this year.