RALEIGH, N.C. (AP) -- An investment group with ties to the founder of the company formerly known as Blackwater has bought the security firm, which was heavily criticized for its contractors' actions in Iraq.
A statement Friday from USTC Holdings said the acquisition of the company now called Xe (ZEE) Services includes its training facility in North Carolina.
Terms of the deal were not disclosed. The statement says founder Erik Prince will no longer have an equity stake and no longer be involved in Xe's management or operations.
Moyock, N.C.-based Xe was both renowned and reviled for its involvement with the U.S. government in Iraq and elsewhere.
The ownership group is led by two private equity firms, including Forte Capital Advisors. Forte managing partner Jason DeYonker has been a longtime financial adviser to Prince.
Copyright 2014 by The Associated Press. All Rights Reserved.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.