Canadian-based Garda World Security Corporation, which specializes in guard and cash handling services, has made its move into the U.S. market with an agreement to purchase United Armored Services for $13 million plus assumption of some debts.
United Armored Services, considered the largest armored services provider in the Midwestern U.S. and the sixth largest in the country, will be a major foothold for Garda. United Armored Services, with 600 employees and nine locations in Illinois, Wisconsin, Iowa and Indiana, has specialized in jewelry, ATM deliveries, bank deliveries and retail cash pick-ups.
A statement from Garda CEO Stephan Cretier seemed to indicate that the purchase of United Armored Services might not be the company's last purchase in the U.S. market.
"It is with great satisfaction that we announce such an acquisition that nicely complements our expansion and growth objectives in North America," said Cretier in a statement announcing the acquisition agreement. "More importantly, it is the first step in the very lucrative Midwestern region, with its vast population of more than 27 million people and annual GDP of more than US$ 1 trillion. Our vision is to participate, as we are doing in Canada, in the consolidation of a fragmented market."
Garda World Security Corporation is online at www.garda.ca.