Serbian deal secures G4S’ network
Article Date: May 21 2008A Crawley-based security group is set to expand its business in Eastern Europe after agreeing to buy a majority stake in a Serbian company. G4S, which has some 530,000 employees in more than 100 countries, will take an 85 per cent stake in Progard Securitas if the Serbian Competition Authority approves the deal.
The Belgrade-based security services specialist is being sold by Consolidated Developments, which will retain 15 per cent of the company, for an undisclosed sum.
G4S South Eastern Europe president Andreas Paterakis says the deal will give the group national coverage in Serbia and is part of its expansion plans in the region.
Progard was established in 1992 to provide manned security and alarm monitoring services throughout Serbia, with operations in Montenegro, Macedonia and Croatia. It supports multinationals with its clients including banks, hotels, retailers, restaurants, manufacturers and chemical businesses. It employs some 2,900 people and generated €15.5 million (£12.4 million) in sales last year.
G4S is listed in London and Copenhagen, and provides risk management and protection services to governments and corporates.
