Croma Locksmiths acquire Southern Stronghold for £964k
Whiteley-based locksmith Croma Locksmiths and Security Solutions has acquired Southern Stronghold Ltd, who have a branch in Southampton, for a fee of £964,569.10.
The sale consists of an upfront cash payment of £700,000 and a further payment of £264,569.10, which is to be paid no later than 4 September. The deferred payment is made up of £124,569.10 covering Southern Stronghold's cash holdings at the time of acquisition, plus a further £100,000 payment.
The acquisition is part of Croma's parent company Croma Security Solutions Group’s plans to create a nationwide network of Croma Security centres. As well as generally extending Croma’s geographic reach, Southern’s main site in Coventry will provide a base from which Croma can improve their presence in the midlands.
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Meanwhile, the Southampton site will take over and build on Southern’s pre-existing community links, which include the local authority, to continue serving the area under the Croma name.
Roberto Fiorentino, CEO of Croma, said: “This is another important acquisition in our drive to improve coverage of the Croma Security Centres services. Coventry will certainly bridge a gap between the previous acquisition of Safeguard near Manchester and our other branches in the South.
“The business has been known to us for many years with a solid reputation that matches the Croma ethos.”
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