VPS Holdings Limited, a portfolio company of private equity firm TDR Capital, has acquired the whole of the business and undertakings of SitexOrbis Holdings Limited.
The enlarged VPS Group will have a turnover of GBP200 million and more than 90,000 properties under management. The combined European businesses will have a turnover of GBP100 million, 1300 employees at point of acquisition and nearly 100 locations across the UK, France, Germany, Italy, Belgium, the Netherlands and Spain.
The VPS Group also has significant operations across the USA, which will remain unchanged, although the acquisition will benefit customers with a global requirement.
The combination of the vacant property security operations of both companies will provide comprehensive regional coverage across diverse customer sectors, backed by ongoing product innovation. Both companies pride themselves on their customer service and this will remain a key focus of the all the entities.
VPS Group Chief Executive Officer, Mark Silver, says: “The acquisition of SitexOrbis establishes VPS as a leading player in the provision of vacant property security and services. We’re at a critical time in a market where weak property demand means an average of 84% of property managers are expecting vacant property to increase or remain at current levels during 2011. This leaves them not only facing significant risks and costs associated with all types of vacant property, but buildings that can have a negative impact on local communities. The increased size of the group will enable greater investment capacity and from a product and service perspective, we can combine the best elements of both businesses to offer solutions that not just meet, but exceed customer expectations.“
As part of VPS, SitexOrbis UK, as with VPS UK, will continue to pursue its existing business strategy and remain focussed on its commitment to deliver exceptional quality and value to customers.
David Walker, Chief Executive Officer of SitexOrbis, says: “We are delighted to be joining the VPS Group and see a unique window of opportunity to create a truly focused, proposition for vacant property owners and managers.”
The range of services for both private and public sector clients will enable the Group to offer unrivalled protection for vacant properties against unauthorised access and a variety of hazards such as arson, theft, squatting and unauthorised occupation.
