Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Evergreen, new Armourguard owner, wins $80M MSD contract

Evergreen, new Armourguard owner, wins $80M government security contract

By Jonathan Underhill

May 20 (BusinessDesk) - Evergreen International NZ has won an $80 million contract to supply security services to the Ministry of Social Development, just six months after the private equity-owned firm acquired the Armourguard Security business in New Zealand for $1.

The national two year plus two year contract includes provision of security guards, monitoring of security and fire alarms in ministry offices and Child Youth and Family homes, and support for monitoring systems.

Evergreen, which is owned by New York-based Evergreen Capital, acquired the Armourguard business from NYSE-listed Tyco last year. The value of the transaction was given as $1 according to a note in the accounts of Sensormatic New Zealand, the immediate owner of Tyco New Zealand. The note didn’t say whether there was a debt component to the transaction.

The firm, which had 1,500 employees, takes over as national provider for services that were previously supplied by a number of companies, a spokeswoman for the ministry said. She declined to give details of the contract, including whether any cost savings were achieved.

According to the request for proposal documents released via the government’s GETS tender website, the ministry currently employs about 162 guards at 144 Work & Income sites. The RFP was originally put out in early 2013 with a view to starting in July of that year.

The contract also requires security guards to be dispatched with CYF employees in family homes, transition sites and in transit and to help in delivering “trespass notices and warning letters to clients”. They also sit in on some family group conferences. Monitoring services include bedroom, intruder detection and fire alarm systems in about 80 CYF family and supervised group homes.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news