Securitas acquires Protect, a Croatian private security company. Ascendant provides advisory in third deal in sector.

January 5th 2012, Zagreb

Ascendant played a critical role working with Protect to develop the business, identify key strategic players and to close the process with a successful acquisition. This closing represents Ascendant’s third transaction in the sector and Securitas’ second acquisition of a private security company in Croatia.

Securitas has acquired 85% of the shares in the security services company Protect in Croatia. There is an agreement to acquire the remaining 15% of the shares in 2013. Enterprise value of the acquired 85% of the shares is estimated to SEK 53m (EUR 5.96).

"By joining Securitas Protect will become part of the largest private security company in Europe and No 2 in the world operating in over 40 countries and employing more than 260,000 people.˝ stated Slaven Kordić, the Ascendant Partner leading the transaction. ˝In the past three years in this sector we have been able to close on transactions in Serbia, Bosnia and now Croatia. I believe that Ascendant’s regional coverage gives us much greater understanding of the key players in a highly fragmented market."

Protect has annual sales of approximately SEK 73m (EUR 8.2m) and approximately 600 employees. The company is mainly operating in guarding services and is based in the Croatian coastal town of Rijeka and provides physical and technical protection, money transportation and technical security 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% of the market sales.