Top Security pays EUR3.75m for S Africa firms

Irish security group Top Security has acquired two rivals in the South African market.

Irish security group Top Security has acquired two rivals in the South African market.

The Dublin-based company has paid 30 million South African rand (€3.75 million) for Standby Security and Claw Security.

The company said the acquisitions "firmly establish Top Security Group in the top three security firms in the South African armed response market".

Top Security has operated in South Africa since 1993, when it acquired Proactive Security Force, a company catering mainly for the large corporate market.

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It has since grown by acquisition and now employs more than 2,000 people in and around Johannesburg.

Mr Emmet O'Rafferty, chief executive of the group, said the deals were a "significant" addition to its business in South Africa.

"These acquisitions provide us with stronger platforms in areas of the market where we are keen to expand our service offering," he said.

Top Security, which was founded in 1979, offers a comprehensive range of services to both the private and corporate sectors in Ireland and South Africa.

In Ireland, where it employs more than 500 people, it claims to be the largest independent security firm.

Top security is owned ultimately by Isle of Man-based Topsec Security, in which Mr O'Rafferty holds all the shares.

The company's most recent figures for the year to the end of February last show that it made an operating profit of €644,182 on sales of €9.2 million, a fall on the €727,128 profit on sales of €8.85 million a year earlier.

The company paid dividends of €480,000 to its owner.

Already this year, Top Security has paid €7 million to acquire Irish company Systemhouse Technology in order to strengthen its position in the IT security industry.

Dominic Coyle

Dominic Coyle

Dominic Coyle is Deputy Business Editor of The Irish Times