G4S announced Wednesday that it had purchased 85 percent of Serbian based Progard Securitas. Consolidated Developments Limited will remain a minority shareholder in the company with 15 percent ownership.
Progard, which is headquartered in Belgrade, provides manned security, cash services and alarm monitoring services throughout Serbia. They also have a broad customer base in the country, including numerous banks, hotels, retail chains, manufacturers, restaurants, and refining and chemical companies.
In a press release issued by G4S, Andreas Paterakis, the companyâ€™s regional president for southeastern Europe stated that they anticipated that the purchase of Progard would "contribute" to their "future expansion plans" in the region.
G4S is a provider of risk management and protection solutions to governments and corporate customers across the globe.