Serbia: Progard Securitas Acquired by G4S
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Wednesday, 28 May 2008 |
G4S has announced 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.
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 retail chains,
manufacturing, and refining, 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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