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Fidelity acquires Protea Coin Cash Solutions interests

Following a closed tender process which was put in motion early in 2014, Fidelity Security Group has acquired Protea Coin’s cash in transit, cash processing and Cameo Devices business interests.

After seeking a solution to build better scale on their current cash solutions business portfolio, Fidelity Security Group believes the acquisition will provide it with the desired growth potential and competitive advantage, driven by an experienced and knowledgeable management team.

After entering the cash solutions market in 2010, Fidelity Cash Solutions has grown in size and repute and provides a wide range of services including CashMaster cash acceptance devices, cash in transit services, cash processing and settlement, as well as cash storage. This latest acquisition will expand the company’s current cash solutions operation, providing a wider scope, larger footprint and unmatched infrastructure across the country, to the benefit of all customers.

The acquisition, which includes 2500 employees and 590 vehicles, will substantially increase Fidelity’s penetration into the market and provide its customers with comprehensive and competitively priced solutions. A spokesperson for the company told Hi-Tech Security Solutions that they plan to maximise their use of technology and provide innovation in security for their customers. This will be achieved with tailor-made solutions for each customer, based on their specific needs.

Challenges encountered during the acquisition included tough negotiations between the two parties, as well as those challenges endemic to firearms regulation and the Competition Commission.

Fidelity Security Group will retain the existing Protea Coin cash handling solutions executive management team which includes Johan Loots (executive – cash management services); Johan Pretorius (executive – assets in transit; Danie Le Roux (executive – Cameos) and Riaan Coetzee (chief financial officer). The adopted team members bring a wealth of expertise to the table and will combine synergistically with the existing Fidelity Cash Solutions management team.

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