Prosegur Cash’s agreement with Grupo Almo for the acquisition of its CIT operations in Central America where it operates under the Proval and Transval brands.

Garrigues, EY Law and Lloreda Camacho & Co advised on the deal

With this operation, Prosegur Cash expands its activities to Guatemala, once obtained the authorization of the regulator of Private Security Services, Honduras, Nicaragua, El Salvador and Costa Rica, which until now had no presence. Proval and Transval have an outstanding leadership and an experience of more than 35 years in the region. The activities of Proval and Transval in the last fiscal year available represented a turnover of close to USD 40 million.

Consolidation is one of the three priority areas of action for Prosegur Cash. The entry of the company in Central America responds, therefore, to the strategy of playing a leading role in the process of international consolidation of the cash management industry and adds to the more than twenty operations completed in various markets since 2011, five of them in the last year.

Proval and Transval have a fleet of more than 250 armoured vehicles and a staff that exceeds 2,000 people in more than 20 bases and logistics centers. Both are brands that have strong recognition and a high reputation so their use will be maintained and capitalize on the values that the group has built throughout its years of activity. With this operation Prosegur Cash expands its presence to 20 countries and increases its workforce to close to 60,000 people.

Prosegur Cash reported EUR 1,924 million in sales last year, of which Latin America operations contributed 71%. The region had an organic growth of 18.8%, which highlighted the progression of new services that grew 51%, driven especially by the services of cash automation at the point of sale and added value outsourcing services.

Garrigues advised Prosegur with Ignacio Londoño (Picture), Andrés Ordóñez Rizo, Diana Guevara and Paola Valderrama.

EY Law advised Prosegur with Hernán Pacheco, Ruby Asturias, Ricardo Rosa, Mónica Machuca, Alexander Salazar, Santiago Alvira, Martín Barillas, Ginny Castillo, Rosa Lacayo, Edward Zúñiga and Víctor Valle.

Lloreda Camacho & Co advised Almo with Santiago Gutiérrez Borda and Sebastián Montoya Roldán.

Involved fees earner: Santiago Gutiérrez Borda – Lloreda Camacho & Co.; Sebastia?n Montoya – Lloreda Camacho & Co.; Ignacio Londoño Rivera – Garrigues; Diana Guevara – Garrigues; Paola Valderrama Ortiz – Garrigues; Andrés Ordóñez Rizo – Garrigues; Hernán Pacheco – EY Law; Ruby Asturias – EY Law; Santiago Alvira – EY Law; Martín Barillas Aragón – EY Law; Ricardo Rosa – EY Law; Rosa Lacayo – EY Law; Victor Valle – EY Law; Ginny Castillo – EY Law; Mónica Machuca – EY Law; Edward Zúñiga – EY Law; Alexander Salazar – EY Law;

Law Firms: Lloreda Camacho & Co.; Garrigues; EY Law;

Clients: Prosegur, Compania de Seguridad SA; Grupo Almo S.A.;

Author: Ambrogio Visconti.