Securitas has agreed with UTC Fire & Security to acquire the security services company Chubb Security Personnel in the U.K. Enterprise value is estimated to be more than US$ 50 million.
With annual sales of approximately $184 million and approximately 5,000 employees, Chubb Security Personnel is a manned guarding security services provider in the U.K. The company has a diversified contract portfolio with a stable customer portfolio within guarding.
Securitas acquired Reliance Security Services. With the acquisition of Chubb Security Personnel, Securitas will strengthen its position as one of the largest security services companies in the U.K., with approximately 17,500 employees.
The acquisition is expected to contribute positively to the earnings per share of Securitas as of 2012. Restructuring costs of in total approximately $ 4 million are expected in 2011 and acquisition related transaction costs of $ 1 million 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 U.K. both in terms of customer base and national coverage”, said Alf G?ransson, President and CEO, Securitas.