Argan buys Polish security firm

Argan Capital, a buyout firm spun out of Bank of America last year, has made its third acquisition since leaving the American bank, Polish security company AAT Group.

European private equity fund Argan Capital has acquired a controlling stake in AAT Group, a Polish distributor of security products and systems, for an undisclosed sum.

AAT provides security products such as alarms and CCTV. It has a presence across Poland with revenues of approximately PZ 110 million ($39 million, €29 million) in 2006.

Wojciech Goc, a managing partner at Argan Capital, said: “We expect the favourable market dynamics of the Polish security market, with double digit growth rates, to continue in the coming years.”.

Argan Capital closed its first fund last year at €425 million (€571 million) after its spin-out from Bank of America, where it was known as BA Capital Partners Europe.

It has one other Polish portfolio company, fruit and vegetable juice company Hortex. Since leaving Bank of America, the firm has bought Swedish facility management company Addici and French luggage company Delsey for undisclosed sums.