Securitas has become one of the Top 3 three UK security companies with the announcement of the agreed acquisition, subject to European Commission consent, of the Reliance Security Group operations with an estimated turnover of £200 million for a estimated purchase price of £43 million.
Reliance Security Services is one of the leading security services providers in the United Kingdom employing 8,000 staff. The company has a well diversified contract portfolio with a stable customer portfolio within guarding, mobile services, aviation security and security specialist services.
With this acquisition, Securitas will become among the largest security services companies in the United Kingdom, with annual sales of approximately £300 million and about 12,500 staff.
The acquisition is expected to contribute positively to the earnings per share of Securitas as of 2012. Restructuring costs of in total approximately £5 million are expected in 2010 and 2011 and acquisition related transaction costs of £1.3 million are expected in 2010. The acquisition will dilute margins in Security Services Europe in the fourth quarter 2010 and during coming years.
“The acquisition is in line with Securitas strategy for the security services operations in Europe, aiming to be among the top two largest security services companies in the markets where we operate. The acquisition will substantially strengthen our operations in the United Kingdom both in terms of customer base and national coverage. It will give us a strong platform from which to continue our strategy of refinement and specialization of our services,” says Alf Göransson, Securitas President and CEO. The acquisition is subject to approval from the European Commission.