(Reuters) – U.S. private security firm Allied Universal has paused its multibillion-dollar initial public offering due to hiring problems and economic uncertainty, the Financial Times reported on Sunday, citing Chief Executive Steve Jones.

“The last 10 to 12 months have been really choppy waters for public markets, so we’re very comfortable just continuing to remain private,” Jones told the British newspaper.

In an emailed response to Reuters, the Pittsburgh, Pennsylvania-based company said it was monitoring financial market conditions and will re-evaluate when the conditions improve.

“As all large employers, we feel the effects of a tight labor market, however, we have processes in place to recruit tens of thousands security professionals every week to fill positions for our clients as well as successfully grow our business,” a representative for Allied Universal said in the statement.

In February, Reuters reported that blank-check companies backed by buyout firm Warburg Pincus and billionaire real estate investor Barry Sternlicht were in talks to take Allied Universal public in a $20 billion deal.

The deal was expected to involve three special purpose acquisition companies (SPACs) – Warburg Pincus Capital Corp I-A, Warburg Pincus Capital Corp I-B and an affiliate of Sternlicht’s JAWS Estates Capital LLC.

(Reporting by Lavanya Ahire and Jyoti Narayan in Bengaluru; Additonal Reporting by Rishabh Jaiswal; Editing by Christopher Cushing and Josie Kao)