Croma Group recently announced the acquisition of specialist asset protection company Vigilant Security. The addition will enhance Croma's cross-selling capabilities, and broaden their product range and services.
The Board of Croma Group plc, specialists in the design, development and production of overt and covert surveillance, security and defence related products, announced on 3rd February the acquisition of specialist asset protection company Vigilant Security (Scotland) Limited
As well as broadening the Group's product range and services, the addition will enhance Croma's cross-selling capabilities.
Croma is acquiring Vigilant for an initial payment of £804,000 to be satisfied in cash and the issue of 8,907,692 new ordinary shares; Vigilant will operate as a stand-alone, but wholly owned, subsidiary of Croma, with an operating base in Scotland.
Vigilant is a specialist company dealing with asset protection in the industrial, commercial and public utilities market. Management and operatives of the company are primarily ex- Military personnel, well versed in the various aspects of high level security and protection.
Vigilant is also developing a Forces resettlement course for re-training of servicemen operating in hostile environments.
In the year ended 31 December 2004 Vigilant generated profit before taxation of approximately £88,000 on turnover of approximately £1,202,000. Net assets as at 31 December 2004 were £97,000.
The Board also highlighted to shareholders that work is progressing towards the completion of a second acquisition, in the field of biometrics. It is hoped that this will take place shortly upon completion of the due diligence.
Commenting on the acquisition John French
, Croma's Chairman and Chief Executive said “We are very pleased with this acquisition. Not only as a stand alone subsidiary with significant opportunities for growth, but also for the exchange of potential customer development between the company and other members of the Croma group.
"There are a number of areas of development which have been targeted and we expect to see some interesting developments follow through as a result of this acquisition. It is also pleasing to note that the Vendors have accepted the share element of the acquisition at a premium, which I believe indicates confidence in the prospects of Croma going forward.
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