Merger to Establish Second Largest Private Security Company
Pristis and K Grupp will merge under the new name USS, becoming the second largest private security company in Estonia after G4S.
USS will have about 1,000 employees and will account for a fifth of the private security market.
The daily Eesti Päevaleht reported yesterday that Urmas Sõõrumaa, owner of the former K Grupp - which was renamed last week - negotiated a merger yesterday with the owner of Pristis, Indrek Sepp. The price of the deal was 10 million euros, and as a result of the share capital increase of USS, Pristis AS will be holding a 40 percent stake in it. Not all the details have been disclosed yet, but both men will be on the new company's board, with Sõõrumaa as chair.
Last year, Pristis reported losses amounting to 860,000 euros while K Grupp reaped a small profit.
Ott Tammik