Securitas acquires leading electronic security company in Turkey
Securitas has agreed to acquire Tepe Güvenlik A.S., enhancing its position in Turkey's electronic security market. The deal, valued at approximately MEUR 10 (MSEK 100), aligns with Securitas' 2023 goal of doubling security solutions sales. Tepe Güvenlik reported 2020 sales of MEUR 8.5, with over 70% from recurring revenue. This acquisition expands Securitas’ monitoring footprint, adding over 50,000 connections. While acquisition costs are estimated at MSEK 13, it is expected to be accretive to earnings per share by 2023, pending regulatory approval.
- Acquisition enhances Securitas' position as the second-largest player in Turkey's monitoring market.
- Tepe Güvenlik brings over 50,000 new connections, enhancing Securitas' existing base.
- Over 70% of Tepe Güvenlik's 2020 sales were recurring revenue, providing stable revenue streams.
- Acquisition aligns with Securitas' strategic goal to double security solutions sales by 2023.
- Acquisition-related costs are estimated at MSEK 13, which could impact short-term financials.
STOCKHOLM, July 30, 2021 /PRNewswire/ -- Securitas, the world's leading intelligent protective services partner, has agreed to acquire Tepe Güvenlik A.S., a leading electronic security company in Turkey. Through this acquisition, Securitas becomes number two in the monitoring market in Turkey, and the acquisition is in line with the Group's strategy of doubling its security solutions and electronic security sales by 2023. The purchase price is approximately MEUR 10 (MSEK 100) on a debt-free basis.
In 2020, Tepe Güvenlik's annual sales were approximately MEUR 8.5 (MSEK 85), of which more than 70 percent were on a recurring monthly revenue basis. The company has 250 employees and operations mainly in Ankara and Istanbul, including an operation center and a nationwide technical service network. Tepe Güvenlik specializes in electronic security solutions, alarm systems and alarm monitoring for corporate clients, SME's and residentials. The company has more than 50 000 connections, representing a significant addition to Securitas' existing connection base in Turkey today.
Peter Karlströmer, Divisional President Security Services Europe: "This is a unique acquisition opportunity in the Turkish alarm monitoring market and will consolidate Securitas position in this space. We are pleased to welcome Tepe's experienced team to Securitas and look forward to further developing our presence in and bringing innovations and solutions to our clients. This is a strategic milestone for our business in Turkey, significantly strengthening our security solutions and electronic security footprint in the country."
The acquisition-related costs are expected to be approximately MSEK 13, to be recognized in the period 2021 to 2023. The acquisition is expected to be accretive to EPS as of 2023. The acquisition is subject to approval from competition authorities and is expected to be finalized during the third quarter of 2021.
Further information:
Investors: Micaela Sjökvist, Head of Investor Relations; +46 76 116 7443, micaela.sjokvist@securitas.com
Media: Helena Andreas, SVP Communications & People, +46 10 470 30 20; press@securitas.com
Securitas is the world's leading intelligent protective services partner. Our guarding, electronic security, fire and safety, and risk management solutions enable more than 150,000 clients to see a different world. We are present in 48 markets and our innovative, data-driven approach makes us a trusted partner to many of the world's best-known companies. Our 355,000 employees live our values of integrity, vigilance and helpfulness, and our purpose is to help make your world a safer place.
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SOURCE Securitas
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