Security firm Securex Agencies founder and chairman Balvinder Kishori Lal Sahni has acquired a controlling stake in the company following the Competition Authority of Kenya’s (CAK) approval.
- Securex Agencies is a family-owned security company that provides both services and equipment.
- It holds about three percent market share in the country, after G4S (19%) and KK Security (13.05%), Security Group (6%), Patriotic (5%), Wells Fargo (5%), BM Security (5%) and Riley Falcon (5%).
- Although the value of the transaction was not disclosed, it was above the KShs. 1 billion threshold that requires parties to seek CAK’s approval.
Lal Sahni founded Securex in 1970, after working as a police officer for two decades. The ongoing corporate restructuring will see his other company, Securex Investments, hold a controlling stake in Securex Agencies. Securex Investments has a wider portfolio which includes property investment and management.
“The transaction between Mr. Kishori and Securex Limited met this threshold for mandatory notification and full analysis as provided in the Competition (General) Rules, 2019.” CAK said in a statement.
As of February 2024, there were 763 registered and licensed private security firms operating in Kenya employing an estimated 50,000 employees.
The proposed transaction, CAK says, is unlikely to lead to a substantial lessening of competition in the market of private security equipment and services in Kenya considering other security firms control 97% market share.
“Specifically, there will be no employment loss since no redundancies are anticipated. Sexurex’s 5,000 employees will be retained post-transaction.” CAK noted in a statement.
