Chubb Security Services – divestment to Prosegur
Miles Advisory Partners is pleased to announce that we have advised United Technologies Corporation on the divestment of its Australian Chubb Security Services cash-handling business to Prosegur.
Transaction Details
Sector
Business Services
Miles Role
Sell-side advisor to United Technologies Corporation
Deal Type
Mergers & Acquisitions
Year Completed
2013
Contacts for this Transaction
Rohan Manikath
Managing Director
Overview
- Chubb Security Services (Australia) is the country’s second-largest cash-in-transit and cash management operator, also providing ATM operation and maintenance.
- The business has 26 branches across the country and approximately 1,000 employees.
- The acquisition marks Prosegur’s entry into the Australian market and strengthened its cash logistics position in the Asia Pacific region; total consideration was approximately €95 million (around A$145 million), including assumed debt.
- The transaction was a carve-out of the Australian cash services business from its US parent, United Technologies Corporation.
Industry Context
The transaction was an early step in the ongoing consolidation of the Australian cash-in-transit and cash management market and reflected global security majors building scale across Australia and the wider Asia-Pacific region.
Further information on this transaction is available at: Chubb Security Services / Prosegur Press Release
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