Securitas has acquired 85 percent of the shares in the security services company Protect in Croatia. There is an agreement to acquire the remaining 15 percent of the shares in 2013. Enterprise value of the acquired 85 percent of the shares is estimated to MSEK 53 (MHRK 43).
Protect has annual sales of approximately MSEK 73 (MHRK 60) and approximately 600 employees. The company is mainly operating in guarding services.
Securitas entered the Croatian security services market in July 2011 and is the first and only major international security company in the market. With this acquisition, Securitas strengthens its position in the area of the city Rijeka.
The Croatian security services market is fragmented, with about 250 companies and approximately 15,000 guards, however the top 10 companies account for 60 percent of the market sales.
The acquisition is consolidated in Securitas as of January 4, 2012.