G4S sells G4S Youth Services LLC (“G4S Youth Services”) for US$56.5 million
Proceeds from the sale will be used for corporate purposes.
G4S Youth Services is a leading provider of residential-based juvenile services throughout Florida and in the states of Texas and Tennessee. In the year to 31 December 2016, G4S Youth Services posted profit before taxation of US$5.1 million (2015 US$5.6 million) and, as at 31 December 2016, it had gross assets of US$21.5 million (2015 US$21.4 million).
As part of the transaction, senior management in G4S Youth Services will remain with the business at completion.
Commenting on the transaction, Ashley Almanza, G4S Group Chief Executive Officer said:
“As previously announced, the sale of our US Youth Services business is part of our portfolio management programme initiated in 2013 to improve our strategic, commercial and operational focus.”