16th Feb 2007 09:28
16 February 2007
GROUP 4 SECURICOR PLC Acquisition of Fidelity Cash Management Services (PTY) Ltd
Group 4 Securicor ("G4S"), the international security solutions group, today announces the acquisition of a 50.1% ownership stake in the South African company, Fidelity Cash Management Services (PTY) Ltd ("FCMS"). The remainder of the shares are held by local investors (24.8%) and by two Black Economic Empowerment groups (25.1%).
The acquisition, which also includes 100% of FCMS's businesses in Lesotho, Namibia and Botswana, is expected to be completed by 1 March. The total cash consideration will be around ‚£17 million, depending on the closing debt position.
FCMS was founded in 1957 and is the market leader in the South African cash services market with over 60% of the South African market and over 3,000 employees throughout Africa. In 2006, the business had estimated turnover of ‚£ 54 million, operating profit of ‚£7 million and debt of around ‚£19 million.
FCMS is one of the few cash services businesses in South Africa with the capability and infrastructure to provide services on a national basis, delivering cash transportation services and ATM management, along with retail and wholesale cash processing.
Nick Buckles, Chief Executive of Group 4 Securicor, commented:
"We are delighted to announce the acquisition of FCMS, which underlines G4S's strategy of acquiring market-leading cash services businesses, as well as supporting our strategic objective of continuing to develop our presence in developing markets.
The transaction provides G4S with a cash services proposition in South Africa for the first time and we are now the market leader in both cash services and security services in the region. The acquisition of FCMS therefore enables G4S to offer customers complete security solutions in a growing number of countries in Africa. G4S currently operates in 18 African countries, providing cash services in 9 of those countries."
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For further enquiries, please contact:
Nick Buckles +44 (0)1293 554400
Trevor DightonDebbie McGrathRob GurnerMedia enquiries:
Citigate Dewe Rogerson +44 (0)7973 672649
Notes to Editors:
Group 4 Securicor operates in over 100 countries throughout the world and employs around 430,000 people. It is a market leader in the provision of security solutions in many of the countries in which it operates. For more information on Group 4 Securicor please visit www.g4s.com.
GROUP 4 SECURICOR PLCRelated Shares:
GFS.L