Acquisition of Progard Securitas d.o.o.

  • 21 May 2008 14:41
G4S, the world's leading international security solutions group, today announces the acquisition of 85% of Progard Securitas d.o.o. (“Progard”), the market leader in professional security services in the Republic of Serbia, from Consolidated Developments Limited, its majority shareholder represented by Mr Tihomir Trivunac, Copernicus Capital Partners and Mrs Milena Ignjatovic. Consolidated Developments Limited will remain a shareholder with a 15% interest. Completion of the acquisition is subject to Serbian Competition Authority approval. Gross assets of the acquired company are €5.5 million.

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Headquartered in Belgrade, Progard provides manned security, cash services and alarm monitoring services throughout Serbia. Through affiliated companies, it also has established footholds in Montenegro, F.Y.R. of Macedonia and Croatia. Progard has a broad customer base amongst banks, hotels, retail chains, restaurants, manufacturing, refining, and chemical businesses, with a focus on multi-nationals present in Serbia. Progard employs around 2,900 people and its sales in 2007 were approximately €15.5 million.

Andreas Paterakis, G4S’s Regional President for South Eastern Europe, said, “We are pleased to welcome Progard's customers and employees into the G4S family. We are eager to include Progard as part of our South Eastern Europe strategic portfolio and we anticipate that this acquisition will contribute in many positive ways to our future expansion plans in this fast growing region. The combination of Progard with our existing Serbian business will allow G4S to achieve full national coverage in all product offerings, enhance its regional standing and benefit from Progard’s experienced management and infrastructure. We are also delighted that Consolidated Developments Limited, represented by Mr. Trivunac, will be remaining as our partner to assist us in further growing our business in Serbia and the region.”

Mr. Trivunac said, “Over the past few years, Progard has experienced rapid growth and has confirmed its position as market leader in security services in Serbia, offering a complete solutions package to its customers. Now is the right time for Progard to take the next step in its development and become part of a global leader like G4S, a move that will fuel its future growth and help the company reach its full potential in the region.”

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