The company said all outstanding matters had now been resolved and the deal would commence begging of next month. “CSG is pleased to announce that the all conditions precedent has now been fulfilled or waived, as the case may be, and that the acquisition will accordingly be implemented on the basis detailed in the announcement effective on May 1, 2017,” the company said in a statement.
Revert offers guarding, access-control systems and technical installations, closed-circuit television on-site and off-site monitoring, security risk-assessments, investigations and consulting, vehicle authentication, personnel and business vetting, as well as high-risk freight protection.
CSG has been on an acquisition trail in recent times as it seeks to grow its security portfolio. Earlier this year, the company through its wholly owned subsidiary, Invictus Risk, acquired the armed response and monitoring division of Stallion Reaction for about R57 million.
The transaction included individual client and commercial contracts, the services provided on an outsourced basis on behalf of two other security companies and specific assets and employees, but excluded the domestic guarding and closed-circuit television-monitoring divisions. In November, the group moved from the AltX to the main board of the JSE.
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CSG chief executive Pieter Dry said the company was looking for organic and acquisitive growth to grow outside its staffing solutions.
“Our strategic focus is to grow outside our staffing solutions into service delivery businesses that are more technology-based, with a higher barrier to entry than our existing businesses. Buying Revert complements our recent acquisitions in the security industry, including Stallion at the end of February 2017,” Dry said.