Leading manned security solutions provider First Security Group – winner of the Best Guarding Company trophy at the 2000 Security Excellence Awards – has been acquired by AIM-listed facilities services concern the MacLellan Group plc for a reported fee of £18 million.

First Security – the largest independent manned security business in the London and M25 area – was formed in 1998 following the institutional buy-out of First Security (Guards) from Orbis plc.

The company boasts an 1,800-strong officer personnel providing a range of security, manpower and associated support services, including manned guarding, reception and post room coverage and key holding. Operational at over 300 sites, First’s client base includes property management companies, financial institutions and Government departments.

In the year ended 31 March 2004, First Security – under the astute guidance of managing director Jonathan Levine – generated an operating profit of £2.6 million on sales of 44.4 million. The business is currently ranked 10th in the Infologue.com ‘league table’ of Top 20 Contractors.

As part of the deal, a further payment of approximately £1.26 million will be made to reflect the excess of First Security’s current working capital position over its agreed normal level.

Speaking about the deal, John Foley – chief executive of the MacLellan Group plc – commented: “First is a high quality provider of security services. Our businesses have similar outlooks regarding the delivery of service provision, and we’re extremely pleased that the management of First Security is remaining with the business to provide its customers with an individual, first class service.”

Jonathan Levine told SMT that he’s “absolutely delighted” with the terms of the deal.

Source

SMT