by Ann Withanee — October 12, 2011—VPS, the Vacant Property Specialists, announces that VPS Holdings Limited has acquired the whole of the business and undertakings of SitexOrbis Holdings Limited. The enlarged VPS Group will have gross revenues (turnover) of £200 million, and more than 90,000 properties under management. The combined European businesses will have gross revenues (turnover) of £100 million; 1,300 employees at point of acquisition; and nearly 100 locations across the United Kingdom, France, Germany, Italy, Belgium, the Netherlands and Spain.
With a global economy on the downswing, vacant properties in Europe and around the world are increasing in number. As a result, vacant properties are subjected to such risks as vandalism, arson, theft, squatting and unauthorized occupation and require security services. The combined services available through the acquisition are offered to vacant property owners and managers.
The VPS Group has significant operations across the United States, 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 all the entities.
VPS Group Chief Executive Officer, Mark Silver, said, “We’re at a critical time in a market where weak property demand means an average of 84 percent of property managers are expecting vacant property to increase or remain at current levels during 2011.”
As part of VPS, SitexOrbis UK, as with VPS UK, will continue to pursue its existing business strategy and remain focused on its commitment to deliver exceptional quality and value to customers. The range of services for both private and public sector clients will enable the Group to offer unrivalled protection for vacant properties against unauthorized access and a variety of hazards.
VPS is owned by funds managed by TDR Capital, a London-based private equity firm.
