Transguard Group, a sister-concern of the Emirates Group, has acquired a business unit of G4S – G4S Cash.
Transguard Cash has taken over the assets, customers and a majority of the employees of Abu Dhabi-based G4S Cash Services LLC – UAE.
The financial terms were not disclosed.
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. Today’s announcement is a reflection of Transguard’s hard work and dedication to continually improving the performance of the country’s cash sector.”
Transguard Cash was established in 2001 with four cash vans and a single banking customer.
And with this acquisition the firm has more than 540 employees, 74 cash vans, the Abu Dhabi Cash Centre and all other assets of G4S Cash.
Graham Levinsohn G4S regional CEO, Europe and Middle East said that the sale was part of the firm’s portfolio management programme that was announced in 2013.
“We have worked closely with Transguard to ensure a smooth transition with no interruption in services to customers. The acquisition will not affect the other services we provide in the UAE,” Levinsohn confirmed.
Tranguard’s MD Greg Ward said that measures were being taken to ensure all its customers, old and new, can enjoy the firm’s level of service.
“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,” he said.