CAK approves buyout of KK Security parent company by Canadian tycoon

The Competition Authority of Kenya (CAK) has unconditionally approved the proposed buyout of Doctor No Parent Limited by Canadian entrepreneur and philanthropist Stephan Crétier.

Doctor No Parent, incorporated in Canada, operates in Kenya through GardaWorld Limited, trading as KK Security Limited.

KK Security provides services like manned security guarding, facilities management, canine security, VIP protection, and cash-in-transit.

Crétier is the founder and CEO of GardaWorld, a 30-year-old Canada-based security corporation.

CAK said while the tycoon currently has indirect joint control of Doctor No Parent, he does not carry out any other economic activities in Kenya.

“This approval has been granted based on the finding that the transaction is unlikely to negatively impact competition in the market for the provision of private security and facility management, nor elicit negative public interest concerns,” the competition watchdog said on Thursday.

Following the buyout, Crétier will gain control of Doctor No Parent with over 50 per cent shareholding.

There are more than 50 registered facility management companies in Kenya, according to CAK.

Some of the major players are Tsebo Limited, JLL and G4S Kenya.