Securitas Expands in Columbia
6 October 2009
Securitas has, in line with its strategy to increase its presence in Latin America, agreed to merge its operation in Colombia with the Colombian security services company Socovig Ltd. Securitas will after the merger own 100 percent of the quotas in Socovig. Enterprise value is estimated to approximately MSEK 35 (MCOP 9,800).
Socovig is well positioned in its local market, which are mainly the cities of Bogotá, Cali, Barranquilla and Pereira. The company is mainly operating in guarding, but has also mobile and monitoring operations. Socovig has approximately 1,100 employees and annual sales of approximately MSEK 69 (MCOP 19,000).
After the merger, Securitas in Colombia will have 2,600 employees and total sales of approximately MSEK 165 (MCOP 46,000).
The security market in Colombia is very fragmented. The market is forecasted to grow 10 to 12 percent annually in the short to mid term.
The acquisition will be consolidated in Securitas as of October 1, 2009.
This press release is also available at: www.securitas.com
Gisela Lindstrand, Senior Vice President Corporate Communications and Public Affairs,
Securitas AB, mobile +46 70 287 8662