EUR 4.5B
Spanish market 2024
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Sectors / Security
Security. Buyers, multiples and sector-specific value drivers.
Physical security, electronic security, cybersecurity, surveillance, installations and recurring services.
Sector focus
We do not apply a generic template. We adapt the narrative, buyer selection and price defence to the real logic of the sector.
+8%
Annual growth
6-9x
EBITDA multiple
3,500+
Active companies
Market
Context before discussing multiples.
Security combines guarding, electronics, fire protection and cybersecurity in a fragmented market where scale, licences and recurring contracts explain buyer appetite.
Electronic security is growing faster than traditional guarding.
Licences and authorisations work as entry barriers.
Public and B2B contracts provide revenue visibility.
European groups and PE platforms seek regional operators.
Drivers
What we review before speaking with buyers.
Recurrence
We read this driver with financial, operational and market data before approaching buyers.
Licences
We read this driver with financial, operational and market data before approaching buyers.
Retention
We read this driver with financial, operational and market data before approaching buyers.
Consolidators
We read this driver with financial, operational and market data before approaching buyers.
Specialisation
Subsegments where the value reading truly changes.
Private guarding
On-site services with contracts, authorised staff and intensive labour management.
- Authorisations
- Contracts
- Margin
Electronic security
Alarms, CCTV, access control and alarm receiving centres.
- Monthly fees
- Technology
- Retention
Fire protection
Installation and maintenance of fire protection systems.
- Regulation
- Maintenance
- Certifications
Cybersecurity
Digital services, SOC, audits and compliance.
- Recurrence
- Talent
- Compliance
Sector method
What changes in a security mandate.
01
Contracts and recurrence
Duration, renewals, concentration, public contracts, churn and margin by service line.
02
Regulatory compliance
Licences, authorisations, sector rules, certificates, incident history and labour compliance.
03
Consolidator map
Large operators, European groups, private equity and regional competitors with synergies.
FAQ
Frequently asked questions for this sector.
How is a security company valued?
Through EBITDA adjusted for recurrence, contracts, licences, margin, customer concentration and the weight of labour or technology.
Why is electronic security often more valuable?
It has more recurrence, scalability and margin than traditional guarding, especially where monthly fees and low churn exist.
Which buyers are active?
Large operators, European groups, funds with consolidation platforms and regional competitors seeking scale.