The Competition Authority of Kenya (CAK) has approved the proposed acquisition of Doctor No Parent Limited – the parent company of KK Security – by Canadian entrepreneur Stephan Crétier.
- •The buyout, deemed unlikely to disrupt competition or elicit negative public interest concerns, will solidify Crétier’s position with over 50% shareholding.
- •Doctor No Parent Limited is incorporated in Canada and operates in Kenya through GardaWorld, trading as KK Security Limited.
- •Crétier, the CEO of GardaWorld, has had indirect control of the parent company, so the ongoing acquisition deal will shift the the company’s ownership from joint to sole control.
“This approval has been granted based on the finding that the transaction is unlikely to negatively impact competition in the market for provision of private security and facility management, nor elicit negative public interest concerns,” CAK said in a statement.
KK Security provides security services in Kenya including manned security guarding, facilities management, canine security, VIP protection and cash in transit. Crétier
CAK confirmed the transaction would not alter the competitive landscape in Kenya’s private security and facility management sectors, ensuring business continuity and stability. Although the terms of the deal were undisclosed, the competition regulator considers deals between merging parties when the combined turnover or assets is over KSh 1bn.
“The proposed transaction does not raise competition concern as it involves an increase of shareholding in the target by the acquirer. Therefore, the structure and concentration of the market will not be affected or altered,” CAK said in a statement.
According to data from the Private Security Regulatory Authority, there are 799 registered private securities companies in Kenya including G4S, Wells Fargo Limited, BM Security, Total Security Surveillance, Panda Security, Securex Africa, Radar, Lavington Security, Gyto Security, Ultimate Security and Riley Security.