Group 4 Securicor plc - Acquisition of OneService
Group 4 Securicor, the international security solutions group, announces that it has today acquired OneService, the California-based shipper of diamonds and jewellery, for an initial cash consideration of £6.2 million, with a further potential earn-out cost of up to £2.3 million.
OneService, which had turnover of £7.7 million and EBITA of £0.9 million in 2003, operates in the international valuables transportation sector with specific focus on the shipping of diamonds and jewellery up to a value of $75,000 per consignment.
The acquisition of OneService enables SIVT, Group 4 Securicor’s international valuables transportation business, to expand its market share in this sector and to grow its global presence in strategically important cities across the US, Europe and Asia.
Through the combination of the OneService and SIVT businesses, customers will have access to the full range of shipping options from a consignment value of just $1 up to $200 million.
The management team of OneService are recognised as being leaders in their field and they will be remaining with the business to ensure quality of service to customers and to share knowledge and best practice.
Lars Norby Johansen, Chief Executive of Group 4 Securicor, said
“We are pleased to have concluded this transaction and to retain the expertise of the key people within the business. This acquisition will enable us to expand our market share in the transportation of valuables and will provide a single source for customers to fulfil their high value international transportation requirements.”