Topsgrup buys 51 percent stake in UK security firm

Topsgrup buys 51 percent stake in UK security firm

Thursday, 29 May 2008, 07:00 Hrs
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Mumbai: City-based private security agency Topsgrup has acquired 51 percent stake in the UK-based security service provider the Shield Guarding Company for an all-cash deal of $31.25 million (1.25 billion).

Shield is one of the top market leaders in the UK with market capitalisation of $140 million.

Addressing reporters here Thursday afternoon, Topsgrup chairman and managing director Diwan Rahul Nanda said the acquisition would act as "a strategic gateway in the company's global growth plans in the coming years".

The company has also announced plans to go public next year.

"As a growing company we intend to take more responsibilities and plan bigger things. In this regard, we would like to take a step forward and go public soon via the IPO (initial public offering) route in next 12-14 months," chief financial officer Amar Panghal told IANS.

However, Panghal declined to divulge details about the IPO.

Panghal added that that Topsgrup plans to acquire many more security agencies abroad as part of its expansion strategy.

Topsgrup, with a market capitalization of US $250 million, provides tailor made security solutions including manned guarding, electronic security systems, investigations, facility management and emergency response services to many companies across the country.

Earlier, Topsgrup acquired a south Indian security company called Guardwell Detective Private Ltd for $8.75 million.
Source: IANS
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