Selling or partnering your private security company in France: a business under pressure that groups are consolidating

In private security, succession long followed a local logic: a former site supervisor turned owner sold their portfolio of sites to a neighbouring peer or their right-hand person, for a price discussed around monthly revenue and the quality of clients. This market still exists for firms of a few dozen officers. But over the past ten years, large guarding groups, remote monitoring specialists and fund-backed regional platforms have been taking over companies with two, ten or forty million euros in revenue to densify their network, complete their offer and absorb rising regulatory costs.

For the owner of a private security company, this widens the options and changes how to prepare. It obliges no one to do anything, but it makes the question hard to avoid, in a trade where margin is decided by a few tens of cents per hour delivered.

An €11 billion market, 5,000 companies and more than 210,000 employees

According to the statistical overview of the prevention and security branch published by the AKTO observatory, the sector generated €11.12 billion in revenue excluding tax in 2023, up 10% year on year, for 272 million hours delivered billed at an average of €35.60. ¹ It has 5,012 companies, 77% with fewer than 20 employees, and 210,500 employees at the end of 2023, up 9% since 2019. ¹ Manned guarding remains the core business with 61% of activity, ahead of remote monitoring (19%, around €2.1 billion, growing 7.5%), airport security, systems installation and alarm response. Private contracts account for 86% of activity and subcontracting 9.5%. ¹

The structure is a pyramid with a very wide base: according to Xerfi, the top four groups hold just over a quarter of the market, while more than 6,600 establishments, mostly micro-businesses, share the rest. ² After the boost from the 2024 Olympic and Paralympic Games, the institute expects more moderate growth for manned security, while electronic systems and video surveillance remain more dynamic. ² For a buyer, each well-run local company is a building block: multi-year contracts, officers transferred with sites under the collective agreement, valid professional licences and a loyal client base.

The six drivers of consolidation

The weight of wages and minimum wage increases. Payroll accounts for most of a guarding company's costs. The gross hourly minimum wage rose to €12.02 on 1 January 2026, and the branch minimums, set above it by the three-year agreement of 25 September 2023 covering 2024 to 2026, apply to all employers. ^3,4 Passing these increases on in three-year contracts requires client-by-client renegotiation, which groups conduct with dedicated teams, whereas the isolated SME often eats into its margin.
Regulatory pressure and the CNAPS. Authorisation to operate, approval of managers, a professional licence for each officer, the training reform in force since 1 March 2025, subcontracting rules from the global security law of 25 May 2021: the national private security regulator CNAPS issued more than 1,300 penalties in 2024, including 129 temporary bans on operating, and has made cascading subcontracting and abnormally low prices an inspection priority. ⁵ Compliance costs time and legal skills that size helps amortise.
The officer shortage and retention. In 2023 the branch recorded a hiring rate of 92% against a departure rate of 88%, with 70% of hires on fixed-term contracts and an average of 15 days' absence per employee. ¹ Nearly 17% of officers are over 55. ¹ Recruiting, training, scheduling and retaining officers has become the main driver of profitability, and groups devote entire departments to it.
Technology and the shift to remote monitoring. Smart video, remote alarm verification, robotic patrols, certified monitoring centres: clients ask for mixed offers that replace part of the guarding hours with systems. Securitas completed the takeover of Stanley's electronic security business in 2022, with its 16 monitoring centres. ⁶ Manned guarding and remote monitoring buy each other so as not to be reduced to suppliers of hours.
Large clients' demands and regional density. Multi-site clients demand reporting, tools, cover capacity and continuity of service: size becomes a condition for accessing these contracts. Grouping nearby sites also improves management and reduces supervision costs, hence groups' interest in companies well established in an area.
Funds' appetite for recurring revenue. Multi-year contracts, monthly billing, remote monitoring subscriptions, a fragmented market: private security combines what investors look for to build buy-and-build platforms, provided margin and compliance follow.

Who buys private security companies today

National guarding groups. Securitas, Seris, Samsic or Onet, cited by Xerfi among the leaders, pursue an acquisition policy to densify their territorial presence and win multi-site contracts. ² Alongside large deals, they regularly take over regional SMEs with a few million euros in revenue whose sites fit into their branches.
Fund-backed regional platforms. Mid-sized groups backed by financial investors make acquisition after acquisition of local guarding, fire safety or events security companies, often leaving owners in place as partners. Their preferred target is the company with two to twenty million euros in revenue, well established and impeccable on regulation.
Remote monitoring and electronic security specialists. National monitoring companies, installers and integrators take over subscriber portfolios and alarm response companies to feed their monitoring centres. A well-documented portfolio of monitoring contracts with a low cancellation rate now finds buyers well beyond the circle of peers.
Multi-services and facility management groups. Cleaning, reception, security, maintenance: clients want a single contact, and business services groups add security to their offer by buying licensed companies.
Growing peers. The purchase of a guarding company by a peer from a neighbouring region, with its officers, licences and clients, remains the most frequent deal for small firms.

The sector's specific regulatory point should be anticipated. The authorisation to operate issued by the CNAPS is attached to the company and its managers: a change of manager requires a new approval, and the buyer will check the validity of each establishment's authorisation and professional licences, compliance with subcontracting rules, the regularity of working hours and change-of-control clauses in current contracts. Nothing blocking when the house is in order, but each point weighs on the timetable and warranties.

What this changes for the owner of a security company

A full sale suits an owner close to retirement, with a transition of six to twenty-four months to introduce the buyer to clients, secure renewals and transfer the relationship with site supervisors.
A partnership with reinvestment is for an owner, whatever their age, who still has several years of activity ahead and sells a majority or minority to a group or platform, reinvests part of the price in the top holding and continues to grow with greater resources, sharing in the next capital gain.
A combination between peers creates a regional player able to bid for multi-site tenders, open a shared monitoring centre or pool scheduling and compliance, without an outside investor.
A capital reorganisation such as an OBO lets the founder secure part of their wealth and bring in their operations managers, with bank debt or a minority investor.

Whatever the structure, a high volume of hours is not synonymous with quality: the buyer wants to know whether contracts are properly priced and whether hours are covered without excessive use of overtime or subcontracting. The criteria that come up in every file are the following.

Margin by contract and per hour delivered. The real profitability of each site, after cover, supervision and training costs, is the first element analysed.
Remaining term and diversity of contracts. Renewal dates, price revision clauses, share of public contracts and weight of non-recurring events services determine portfolio visibility.
Client concentration. Losing a large site has an immediate effect on the organisation; a portfolio spread across several clients reassures.
Employment and regulatory compliance. Validity of the authorisation to operate, approvals and professional licences, compliance with subcontracting rules, regularity of working hours and shifts: any anomaly found in due diligence weighs on price and warranties.
Operational management. Area managers, site supervisors and schedulers ensure continuity of service after the deal; their stability and ability to carry the client relationship are an asset.
Turnover and absenteeism. Officer turnover, share of fixed-term contracts, absenteeism and use of overtime explain much of the profitability gap between similar companies.
Share of remote monitoring and subscriptions. Recurring subscription revenue and certified monitoring centres add value beyond manned guarding alone.

You are thinking of selling: is this the right moment for you?

This is the first question we ask, and the answer is not the same for everyone. The right moment is never automatically "right now", even in a market with many buyers. It depends on two things: you, meaning your life plans, personal horizon and wealth objectives, and your company, meaning its ability to realise today all the value it holds. We encounter two situations.

Your company is almost ready. Contracts are diversified and regularly renewed, hourly margin holds despite branch pay increases, professional licences and authorisations are up to date, subcontracting is controlled, middle management is stable. Or you want your company to become part of a larger project, that of a large group, often under LBO, that brings the tools, expertise and resources to absorb changes in the trade, which is reassuring for you and for your teams. A few weeks of preparation are then enough, and the number of buyers works in your favour.
Your company needs time. One client weighs too heavily in revenue, the last increase in branch minimums has not been passed on and the margin shows it, a CNAPS or labour inspection found irregularities in licences, shifts or subcontracting, or activity relies too much on non-recurring events contracts. Selling remains possible, but it means accepting a discount. We will then tell you frankly that it is better to spend several months, sometimes a few years, working on these points, and we can support you through that phase before launching the transaction when you are truly ready.

The workstreams that make the difference are well known: index contracts to branch minimums, diversify clients, track margin by site, put CNAPS and employment compliance in order, reduce officer turnover, develop remote monitoring and present readable accounts. Two precautions should be added: launch the deal with sufficient visibility on renewals of major contracts, and carry out a compliance review before opening the process, so that no issue weakens the negotiation after the letter of intent. Depending on your starting point, these workstreams take a few weeks or a few years.

The benefit of talking early, even without being sure you want to sell, is knowing which of these two situations you are in, and deciding with full knowledge rather than under the pressure of a lost contract or an unfavourable inspection.

Facing groups that complete several acquisitions a year with dedicated teams, an owner negotiating alone is rarely on an equal footing. The value of a security company is not just a headline figure: it depends on the buyer's plan, the price structure, the portion conditional on keeping contracts, the share reinvested, warranties on employment and regulatory liabilities, the future of officers and the length of your transition. Two offers at the same headline price can mean very different things.

The role of an independent M&A adviser is to value the company objectively, identify all relevant buyers, national groups, regional platforms, monitoring companies, multi-services groups or peers, put them in competition in a structured and confidential process, and negotiate terms beyond price alone. This competition protects the seller and lets them choose the project that fits their objectives, their teams and their clients.

Frequently asked questions

Why is the private security sector consolidating?

Because large clients' demands, CNAPS regulation, rising branch minimums, technology and recruitment difficulties favour structured players. A group amortises its legal, scheduling and monitoring functions over thousands of hours, whereas an isolated SME eats into its margin.

Can a private security company be sold without CNAPS approval for the buyer?

No. The authorisation to operate is attached to the company and its managers: a change of manager requires a new manager approval from the CNAPS, and the buyer will check the validity of each establishment's authorisation and all officers' professional licences. These formalities do not block a prepared sale, but they weigh on the timetable and warranties.

What is the main risk for the buyer of a guarding company?

Most often employment and regulatory compliance: expired professional licences, cascading subcontracting, irregular working hours or shifts, abnormally low prices found during an inspection. Next comes the real profitability of large contracts, once cover, supervision and overtime costs are included.

Can you sell your security company and remain its manager or a partner?

Yes. A partnership with reinvestment lets you sell a majority or minority to a group or platform, reinvest part of the price in the top holding and continue to grow with greater resources, sharing in the next capital gain. A capital reorganisation such as an OBO lets the founder secure part of their wealth and bring in operations managers without giving up control.

How long does it take to sell a private security company?

Allow six to twelve months between the first conversation and signing: preparing the file site by site, confidentially approaching buyers, offers, employment and regulatory due diligence, negotiation, then formalities including approval of the new manager. Officers follow the sites under the collective agreement and the seller generally supports the transition for six to twenty-four months with clients.

Who buys private security companies today?

National guarding groups densifying their network, fund-backed regional platforms targeting companies with two to twenty million euros in revenue, remote monitoring specialists taking over subscriber portfolios, multi-services groups adding security to their facility management offer, and peers from a neighbouring region for small firms.

When should you start preparing the sale of your security company?

Two to three years before the target date, because the workstreams take time: indexing contracts to branch minimums, diversifying clients, making margin tracking by site reliable, putting CNAPS and employment compliance in order, reducing officer turnover and developing remote monitoring. Talking early tells you whether the company is ready or needs time.

Why put several buyers in competition to sell your security company?

Because a national group, a regional platform, a monitoring company and a multi-services group do not value the same assets and do not offer the same project to officers and site supervisors. A confidential process that puts them in competition allows genuinely different offers to be compared and negotiation beyond the headline price: the portion conditional on keeping contracts, warranties on employment liabilities, the share reinvested and the length of the transition.

Public sources consulted

Observatoire des métiers AKTO, Prévention et sécurité privée, panorama statistique de la branche, exercice 2023, synthèse (avril 2025) : https://observatoire.akto.fr/content/uploads/sites/3/2025/04/Prevention-et-securite-privee-Panorama-statistique-Exercice-2023-Synthese.pdf (high reliability)
Xerfi, Le marché des services de sécurité, présentation de l'étude (mise à jour du 28 juillet 2025) : https://www.xerfi.com/presentationetude/le-marche-des-services-de-securite_SAE08 (high reliability)
Code du travail numérique, Entreprises de prévention et de sécurité (IDCC 1351) : quel est le salaire minimum ? (mis à jour le 1er juin 2026) : https://code.travail.gouv.fr/contribution/1351-quel-est-le-salaire-minimum (high reliability)
Gouvernement, Le SMIC revalorisé au 1er janvier 2026 (info.gouv.fr) : https://www.info.gouv.fr/actualite/le-smic-revalorise-au-1er-janvier-2026 (high reliability)
Conseil national des activités privées de sécurité (CNAPS), Rapport annuel 2024 (mars 2025, publié sur vie-publique.fr) : https://www.vie-publique.fr/files/rapport/pdf/298892.pdf (high reliability)
Securitas France, communiqué de presse : finalisation de l'acquisition de Stanley Security (22 juillet 2022) : https://www.securitas.fr/globalassets/france/communique-presse-acquisition-stanley.pdf (good reliability)