G4S acquires majority ownership of Progard

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 company’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.