Network Group Holdings (NGH) has acquired security staffing specialists SSR Personnel Incorporating Executive Profiles and SSR Contract & Technical.

The combined cash and shares deal is based on the profitability of the acquired companies during the financial years ending 31 December 2011 and 31 December 2012. 

As part of the deal NGH has made an injection of working capital of around £78,000 into each company in the form of a subscription for new shares.

Management of the two London-based businesses have retained a 49% shareholding in each business and have entered into conversion agreements, which allow their shares to be converted into equity in NGH.

The acquisitions have been funded from internal resources.

NGH chief executive Tim Watts says: “Further to my comments that I made in the announcement on 5 May, this is yet another targeted acquisition of two well established businesses, operating in a market that complements the existing NGH operations and has a presence in a sector that NGH has identified as offering exciting opportunities.

“I am delighted to welcome the management and employees of SSRCT and SSRGM to NGH and using our platform we will be focused on supporting the businesses to grow.”