Security Services Europe continues to expand the platform in Eastern Europe by agreeing to acquire 55 percent of the shares in CPI Security Group in Romania. The purchase of the remaining 45 percent of the shares is agreed to take place in 2010 and will be based on the financial performance of the company until the year 2009. Enterprise value is estimated to MSEK 29.
CPI Security Group is one of the major players on the Romanian security market with wide coverage and a strong customer portfolio mainly within permanent guarding services. The company has estimated annual sales for 2007 of MRON 30 (MSEK 87) and more than 2,000 employees.
Romania entered the European Union on January 1, 2007 which constitutes a good foundation for continued growth and stability. The Romanian economy is developing with a GDP growth of more than 7 percent in 2006 and the Romanian security market is estimated to be worth MSEK 2,500.
The acquisition will be integrated in Securitas as of May 1, 2007
This press release is also available at: www.securitas.com
Securitas acquires security services company in Romania
Published
20 April 2007 12:00
