Dublin-based freight security group FreightWatch has embarked on a round of acquisitions that will see it spend $11 million (€8.6 million) on three continents in the coming weeks.
The group said yesterday that it bought El Salvador security company Advantage, which is based in San Salvador.
The value of the transaction was not disclosed but it is understood to be in the region of $1 million.
The deal provides an entrée into the market in Honduras, Panama and Guatemala, increasing FreightWatch's foothold in Central America.
The group, whose turnover is projected to reach €60 million next year, already has a presence in Mexico and Brazil. FreightWatch chief executive Kieran O'Connor said the group was preparing to make acquisitions in Ireland and Malaysia, where it is poised to buy a security technology company. Two deals in negotiation are understood to have a combined value of $10 million.
Established in 1998, FreightWatch provides "loss-reduction" services to manufacturers, logistics groups and insurers.
The group specialises in providing security for at-risk cargo such as electronic products, computers, tobacco, alcohol, pharmaceuticals, fashion apparel and cash.
The group now has a presence in nine countries. "FreightWatch started off in Ireland and quickly realised we needed to seek out international opportunities," said Mr Connor. He went on to say that the Advantage deal would bring the number of staff in Central America to 900 from 700 at present.
"We will now be able to secure high-value theft-sensitive product from Panama City bordering South America to Detroit on the US-Canada border, a distance of nearly 3,500 miles," he said.
The group currently provides security services for 29 airlines operating from Cancún in Mexico.
The Advantage deal broadens the scope of its services in the region to include the technology sector as well as general logistics.
A nominee for the Ernst & Young Entrepreneur of the Year competition, Mr O'Connor is a significant shareholder in FreightWatch.
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