NOONAN, a service group owned by private equity company Alchemy, has bought the business and assets of UK security firm Shield Guarding for an undisclosed sum. It is reported that Shield Guarding made losses of £3.5m in 2014, the last year for which accounts are publicly available.
Shield Guarding, which was owned by Indian company Topsgrup, has a turnover of £59m (€74m) but is loss-making. Noonan said the deal would “immediately protect” 780 jobs within Shield Guarding and TSG Security, a related company. The deal increases Noonan’s total workforce to more than 14,600.
Commenting on the acquisition, John O’Donoghue, CEO of Noonan, said: “We are pleased to be in a position to take over the business and operations of The Shield Guarding Company Limited & TSG Limited and I am pleased to welcome our 780 new employees. Our immediate priority is to ensure a smooth transition for Shield Guarding Company Limited and TSG Security Limited’s existing clients. We look forward to providing them with the highest levels of service.”
Noonan has a record of acquisitions; last year it bought the Security Services Division of Brink’s in Ireland. Besides security it’s long offered related facility management services such as cleaning and building maintenance.
It is learnt that Shield went in to Administration on the 8th of April and purchased from Administrators on the 9th by Noonan.