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Croma Security Solutions Group PLC on Monday said it has completed its acquisition of Leeds-based locksmith business Meridian Securities System Ltd.
The Whiteley, England-based security services provider said it paid a total of £150,000 for the business, of which around £135,000 was payable immediately. The further £15,000 was deferred, to be paid over the next nine months.
The takeover deal was made as part of Croma’s wider plan to build a national network of modern security centres. Meridian will continue to serve its existing local customer base, alongside the wider Croma network of commercial clients.
Meridian generated revenue of £836,000 in 2023, and pretax profit of £46,000.
Separately, Croma also on Monday said it acquired a freehold retail property for a total of £275,000 from the vendor’s pension fund.
Croma Chief Executive Officer Roberto Fiorentino said: ‘We are delighted to welcome Meridian into the group. The business meets all our criteria and is therefore a strong fit. We anticipate being able to increase the profitability of the business ensuring it quickly becomes earnings accretive and extends our geographic reach. As importantly, we have a good pipeline of further transactions which we are looking forward to bringing to completion.’
Shares in Croma Security Solutions were down 1.3% at 84.40 pence in London on Monday afternoon.
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