SOUTHAMPTON: Croma Security Solutions Group Plc has completed its acquisition of Added Security Technology Limited, a Portsmouth-based provider of intercom and door entry systems, in a deal worth approximately £1.74 million, the company announced.
Croma, which trades on London’s AIM market under the ticker CSSG, said the deal is the largest acquisition in the company’s history since it sold its manned guarding business, Vigilant, in 2023.
The total consideration includes £0.80 million in cash balances and a freehold property valued at £0.53 million, from which AST operates. The remainder of the deal will be paid primarily in cash from Croma’s existing reserves, along with £36,000 in the form of 52,863 ordinary shares priced at 68.1 pence each, and up to £50,000 in deferred payments contingent on the collection of certain trade debts over the six months following completion.
AST reported revenue of £1.8 million and adjusted earnings before interest, taxes, depreciation and amortization of £0.3 million for the year ended Aug. 31, 2025.
Founded more than 30 years ago, AST specializes in communal door entry and intercom systems, key fobs and secure entrances, as well as hearing-impaired living aids such as hearing loops and flashing doorbells. The company also offers locksmith services. It holds a long-standing contract with a local council — recently renewed for another 10 years — to install door entry systems and entrance doors across the council’s social housing program, along with contracts with regional housing associations and commercial clients.
All 23 of AST’s employees will join Croma as part of the acquisition.
Paul and Susan Sullivan, who founded AST in 1995, will retire from the business upon completion. Their son, James Sullivan, currently the company’s general manager, will continue to lead the AST team.
“We are delighted to announce the acquisition of AST, the largest acquisition in Croma’s history since the disposal of Vigilant,” said Roberto Fiorentino, Croma’s chief executive officer. He said the company has known AST for years and is confident it will be a strong addition to the group, pointing to opportunities to apply AST’s technical expertise across Croma’s network of security centers.
Paul Sullivan, AST’s founder, said joining Croma gives the business the backing of a larger group while preserving its local presence.
As part of the transaction, Croma issued the consideration shares from treasury stock. The company’s issued share capital remains unchanged at 15,898,656 shares, and it now holds 2,077,538 shares in treasury. Total voting rights in the company stand at 13,821,118, a figure shareholders can use to determine whether they must disclose changes in their holdings under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Croma operates 17 security centers across the United Kingdom, from its Southampton headquarters through the Midlands and into the Northwest. The company, founded in 1970, provides locksmith, fire and security services to domestic and commercial customers, including multiple National Health Service trusts, and employs more than 95 people.
