Securitas Systems acquires Hamilton Pacific L.P.
This is a press release from Securitas AB
Securitas Security Systems in the United States has acquired Hamilton Pacific L.P., Pasadena, CA. Hamilton Pacific is one of the leading providers of security solutions to banks and financial institutions in the US. It has a leading position in California with 15 additional locations throughout the US serving up to 22 states. Hamilton Pacific is providing electronic security systems, bank security equipment, vaults and ATMs to many of the major financial institutions. Forecasted sales for Hamilton Pacific in 2005 are MUSD 47 (MSEK 362) with an employee base of 225. The company is profitable and will contribute positively to the result before tax of the Securitas Group going forward. The final purchase price of the acquisition will depend upon the financial performance of Hamilton Pacific during 2005 and the price is currently anticipated to be at the same level as the annual sales for 2005. The acquisition establishes Securitas Systems in the US not only as a provider of security solutions for large and medium sized financial offices like headquarters and regional offices, but also as a provider of security solutions and services for their branch networks throughout major parts of the US. This acquisition thereby becomes an important part in the Securitas Systems US strategy to specialize operations. This is comparable to the situation in Europe where Securitas Systems is the leading provider to the financial sector in some of the larger countries as well as in the Nordic region.