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SectorGuard plc, an AIM-listed security group, has agreed to acquire ManGuard in a bid to grow its manned guarding offering.

An initial payment is to be satisfied by the issue of 40 million shares and £3.5 million cash. A further payment of up to £3 million may follow over the next 24 months depending on ManGuard’s turnover and performance criteria.

As part of the transaction, vendor Mark Higgins will join the board of SectorGuard as an executive director.

ManGuard operates within the National Health Service, education, rail and retail sectors. Clients include the Covent Garden Market Authority, Network Rail, Nottingham University Hospital and WH Smith.

Following a restructuring programme and organic growth, ManGuard is trading profitably and is expected to generate gross profit in excess of £2 million for this current financial year.

SectorGuard CEO David Marks says the ‘strategic’ acquisition will build the company’s critical mass in the security arena, widening its market penetration and increasing its exposure to multi-manned sites.

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