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SMERemediumCap enters the share capital of ESA Security Solutions in the Facility Management sector
Posted: March 4, 2022
The investment fund SMERemediumCap (SMERC) announces the acquisition, through its subsidiary CORDIA, of a majority equity stake in ESA Security Solutions, a company owned by Latsco Family Office.
Στρατηγική συνεργασία και στόχοι
Following the entry of Latsco Family Office into its share capital in 2018, ESA Security Solutions has emerged as the fastest-growing company in its sector in Greece, with a strong presence in manned guarding and electronic security systems across a wide range of private and public-interest facilities, as well as critical national infrastructure. With turnover exceeding €50 million, the company employs approximately 3,000 people, placing it among the 20 largest employers in Greece. In recent years, ESA has played a decisive role in redefining both the profession and security services in the country by investing in continuous training, the adoption of new technologies, and expansion into new markets.
This strong momentum of ESA Security Solutions, combined with the significant capabilities of CORDIA (formerly Engie Hellas) in the provision of modern technical property maintenance services, as well as advanced energy services and high-technology solutions, led to the formation of a long-term equity partnership agreement between the investment fund SMERemediumCap (SMERC) and the Latsco Family Office.
The objective of this partnership is the creation of the strongest vertically integrated group offering comprehensive property and facility management services and solutions. A key aim of the equity cooperation is to leverage synergies and achieve economies of scale between the two companies across the full spectrum of services, including guarding and security, technical maintenance, cleaning of buildings and infrastructure, as well as the provision of modern technological solutions that are environmentally friendly and focused on energy efficiency.
Latsco Family Office, in cooperation with SMERC, will continue to be an active shareholder in ESA and, in the near future, will also become a minority shareholder in Cordia through a share-exchange transaction. It is noted that the total facility management market in Greece is estimated at approximately €1.4 billion in turnover and demonstrates strong growth dynamics, offering new opportunities and a clear outlook for significant business expansion and the delivery of modern services.
The new shareholders of ESA Security Solutions place their trust in and retain the company’s existing strong management team. The new group that will emerge from the collaboration between CORDIA and ESA, together with additional companies expected to join in the near future, is anticipated to shape and further develop the Greek Total Facility Management market in the years ahead. This will be achieved by delivering substantial added value to clients, leveraging a workforce rich in experience and expertise, while also creating value for both shareholders and employees.
Statement by the Chairman of SMERemediumCap
On the occasion of SMERemediumCap’s equity participation in ESA Security Solutions, Mr Nikos Karamouzis, Chairman of the investment fund SMERemediumCap (SMERC), stated:
“We are particularly pleased with our cooperation with the Latsco Family Office and with the opportunity to jointly shape a strong growth strategy for modern services in the property management and maintenance sector in Greece (Total Facility Management).
The opportunities created through the collaboration between ESA and CORDIA are significant and will contribute to the development of a modern and competitive landscape in the Total Facility Management services sector.”
Statement by Latsco Family Office
Commenting on the transaction, Mr Dimitris Afentoulis, Chief Executive Officer of Latsco Family Office, noted:
“This transaction represents the culmination and validation of the systematic efforts we have undertaken over the past four years to restructure the company and establish it as a leading player in the guarding and security sector in Greece. The integration of ESA Security Solutions into a broader corporate group serves the need for consolidation of complementary economic activities, and we are particularly pleased that, from the position of a strategic minority shareholder, we will pursue this effort jointly with the investment fund SMERemediumCap and its management, supported by the Fund’s numerous institutional and private investors.”
About ESA Security Solutions
ESA began operations in 1991 as Aspis Security and was renamed ESA Security Solutions in 2015. The company operates across the full spectrum of security services, including manned guarding, the installation and operation of security systems, and integrated solutions supported by high-technology equipment, as well as a signals receiving centre. Recently, ESA launched a specialised lifelong learning centre (ESA Learning Center), providing advanced training across the wider security sector. In 2021, the company recorded turnover of €50 million and currently employs approximately 3,000 people.
ESA provides security services to a broad and diverse client base, including Fraport, COSMOTE, Hellenic Petroleum, the Ministry of Migration and Asylum, the Ministry of Climate Crisis and Civil Protection, WIND Hellas, Lamda Development, Eldorado Gold, Eurobank, STASY, DESFA, Titan Cement, the ANTENNA Group, Four Seasons, AVIS, Aristotle University of Thessaloniki, Public, Attica Group, Sklavenitis, AB Vassilopoulos, among many others.
About CORDIA
CORDIA (formerly Engie Hellas) has been operating in Greece since 2000 in the field of facility management. At the end of 2020, the company recorded turnover of €20.4 million and employed more than 200 people. Its core activities include energy services, technical maintenance, e-mobility, photovoltaic system installations, IoT solutions, as well as building cleaning and security services through affiliated or partner companies.
CORDIA’s client portfolio includes long-term, one-stop-shop contracts for the integrated management and maintenance of major facilities, such as the Stavros Niarchos Foundation Cultural Center (SNFCC), McArthurGlen, and the data centre of Piraeus Bank, among others.
About SMERemediumCap
SMERemediumCap is supported by an experienced investment team that focuses primarily on mid-sized Greek productive companies with strong prospects for growth and business recovery. The investment fund manages €143 million in capital from 42 institutional, corporate and private investors, including distinguished Greek and international institutional investors, pension funds, insurance companies and family offices. The Executive Chairman of SMERemediumCap is Nikolaos Karamouzis.