Securitas is making another acquisition in the UK; last autumn it was part of Reliance Security Group; now it’s Chubb Security Personnel in the UK.
Securitas has agreed with UTC Fire & Security to acquire the security services company Chubb Security Personnel Limited in the United Kingdom. Enterprise value is put at £31m.
With annual sales of about £113m and about 5,000 employees, Chubb Security Personnel one of the largest manned guarding firms in the United Kingdom. The company has says the Swedish-based multi-national a well diversified contract portfolio with a stable customer portfolio within guarding.
In November 2010, Securitas acquired Reliance Security Services. With the acquisition of Chubb Security Personnel, Securitas says that it will strengthen its position as one of the largest security services companies in the United Kingdom, with about 17,500 employees.
The acquisition is the Swedish company asys expected to contribute positively to the earnings per share of Securitas as of 2012. Restructuring costs of in total about £2.8m are expected in 2011 and acquisition related transaction costs of £1m are expected in the first quarter of 2011. The acquisition will dilute margins in Security Services Europe during coming years.
“The acquisition will materially strengthen our operations in the United Kingdom both in terms of customer base and national coverage,” says Alf Göransson, Securitas President and CEO.
The acquisition is subject to customary closing conditions and approval from the United Kingdom Office of Fair Trading, which is expected to be completed in the first quarter of 2011.
