ISS has signed a sale agreement with Wilson Security to acquire both the commercial security contracts of ISS Security in Australia and the First Security Business in New Zealand.
ISS in Australia & New Zealand reviewed all its activities and determined that the commercial security business was not core to the strategy and did not give as much ability to leverage the strength of ISS.
Thus ISS has signed a sale agreement with Wilson Security to acquire both the commercial security contracts of ISS Security in Australia and the First Security Business in New Zealand. The company believes that this divestment will result in a stronger business platform for ISS.
The ISS Security brand will continue in Australia, with a focus purely on security at major airports, which are part of the Aviation & Transport Division of ISS, thus ISS will remain a provider of Aviation Security services in Australia.
Dane Hudson, CEO of ISS Australia & New Zealand, comments: “This is good news for our business, allowing us to focus on our strategy and our vision of being the “world’s greatest service organisation”. The divestment gives us a more solid platform to further develop our integrated service offer.
This sale will make Wilson Security the largest provider of guarding services across Australia and New Zealand. Security is its core business and its has developed a market leading position, so we felt it was a good match. The offer came at a time when we had a renewed focus on our global strategy, and we felt it was a great opportunity for the business.
We are convinced that the security business will continue to thrive under Wilson’s leadership and its reputation gave us reassurance that our existing customers would be well looked after.”
The transaction is subject to approval from relevant local authorities and is expected to close before the end of March 2014. The proceeds from the divestment will contribute to the continued deleverage of ISS by repaying outstanding debt.