Dubai's Transguard acquires Abu Dhabi-based G4S Cash Services
Emirates Airline's sister company adds 540 employees with latest takeover
Transguard, a sister company of Dubai giant Emirates Airline and part of Emirates Group, has completed the acquisition of Abu Dhabi-based G4S Cash Services.
The announcement comes weeks after Transguard managing director, Greg Ward, told Construction Week that the company had two acquisitions in the pipeline for this year, and another two for 2019.
G4S Cash’s takeover includes the assets, customers, and the majority of employees of G4S, all of which came under a transaction of unrevealed value.
Starting 20 December, 2018, all of G4S Cash Services’ business activities fell under the ownership of Transguard. These activities include ATM replenishment, First Line, cash in transit, teller services, car park meter services, cash distribution and cash processing, coin processing, and ATM residual processing and packing.
Transguard Cash has steadily grown since its establishment in 2001 with four cash vans. Its acquisition of G4S Cash expands its operations by 540 employees and 74 cash vans, as well as adds G4S’s Abu Dhabi Cash Centre and other assets to its portfolio.
Commenting on the transaction, HH Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline and Group, said: “Since its beginning, Transguard has been a major part of Dubai’s economy and its service offerings have helped the UAE grow.
“[The G4S] announcement is a reflection of Transguard’s hard work and dedication to continually improving the performance of the country’s cash sector.”
G4S’s regional chief executive officer for Europe and the Middle East, Graham Levinsohn, said the acquisition would not affect the company’s other services in the UAE, which are known to include security and crown control.
“The sale of the UAE cash business is part of the group’s portfolio management programme announced in 2013,” Levinsohn added.
“We have worked closely with Transguard to ensure a smooth transition with no interruption in services to customers.”
Ward said Transguard would now focus on ensuring the firm’s new and existing customers continue to experience established levels of service, adding: “Our key focus is on transitioning the new customers into our operations in a seamless manner and providing opportunities to new customers to integrate their current cash services requirements with other Transguard services.”