Carey advises on multi-jurisdictional transaction involving Liderman

Carey advised on the acquisition of a controlling and majority stake in Azzaro Trading S.A., parent company of security services provider Liderman, by the lead investor of RBB, L.P. The transaction closed on April 21, 2026, and resulted in the complete exit of The Carlyle Group from its investment in Liderman, including the full sale of its Chilean assets.

The transaction had a multi-jurisdictional scope, involving legal and regulatory aspects across Chile, Peru, Ecuador and the United States.

According to the firm, the deal stood out for its implementation of an uncommon investment structure in the region linked to a continuation fund, a mechanism widely used in the U.S. market but with limited precedent in Latin American transactions. The mandate required specialized analysis in corporate and investment fund structuring matters, given the legal and financial complexities associated with this type of vehicle.

Liderman’s operational scale also represented a significant component of the transaction process. The company maintains a substantial presence in the private security sector and employs more than 4,000 guards in Chile, which required an extensive labor due diligence process, particularly in relation to compliance, labor relations and contingencies associated with a large-scale operation.

The transaction reflects growing international investor interest in sophisticated continuity and liquidity structures involving operational infrastructure and essential services assets in Latin America, as well as the increasing complexity of cross-border transactions involving multiple jurisdictions and specialized regulatory components.