Prosegur expands in Australia; acquires Chubb Security

Private security company Prosegur has acquired Chubb Security Services in Australia, a company specialising in the cash logistics and ATMs’ operation and servicing sector.

The total value of this investment, which will allow Prosegur to strengthen its presence in the Asia-Pacific region, is approximately AU$143.9m, including the debt of the acquired company.

With 26 branches throughout Australia and a workforce close to 1000 employees, Chubb provides services mainly to the banking and distribution sectors and has achieved, over the last twelve months, estimated sales of AU$133.3m. With this operation Prosegur, which occupies a worldwide position of reference in the cash in transit industry and has a fleet of over 4700 armoured vehicles, strengthens its business.

This acquisition represents a further step in the internationalisation strategy of Prosegur, committed to position itself in key markets such as Brazil, Germany, China, India and Singapore, which has focused its recent acquisitions.

In the last years, Prosegur has consolidated its leadership position in the countries where it operates through a strategy based on organic and inorganic growth. The company, now present in 17 countries on four continents, aims to be a benchmark in each of these markets through integrated security solutions.

For this transaction, Prosegur has entered into a medium-term syndicated loan agreement of AU$69.7m.

During the acquisition, Prosegur received legal and financial - financial, labour and tax due diligence advice from Gilbert and Tobin and KPMG, respectively. Meanwhile, firms King Wood Mallesons (KWM) and Miles Advisory Partners acted as legal and financial advisors to the seller.