Loomis acquires Nokas Värdehantering in Sweden
Loomis AB has, through the wholly owned subsidiary Loomis Sverige AB (Loomis Sverige), entered into an agreement to acquire 100 percent of Nokas Värdehantering AB (Nokas Värdehantering), a subsidiary of Nokas Kontandthåntering AS in Norway.
The enterprise value, i.e. purchase price plus acquired net debt, is approximately SEK 80 million.
Nokas Värdehantering has approximately 220 employees and annual net revenue, for the last twelve months ending in September 2019, was approximately SEK 215 million. The current operating margin, EBITA1), is negative.
The business will be reported in segment Europe and consolidated into Loomis as of closing of the transaction. Nokas Värdehantering and Loomis Sverige are both payment institutions under supervision of the Swedish Financial Supervisory Authority (SFSA). The transaction is subject to ownership assessment by the SFSA and closing will take place after ownership approval. The purchase price is payable on closing.
Including integration costs, the acquisition is expected to have a marginal dilutive impact on the earnings per share of Loomis in 2020. Thereafter the acquired business is expected to generate profits.
Nokas CMS AB, a subsidiary of Nokas Värdehantering and deployer of ATMs in the Nordic countries, is not included in the transaction and will remain in the Nokas Group.
"The acquisition of Nokas's Swedish cash handling will add opportunities to further develop our service offerings in the Swedish market. We are convinced we can add value for our new customers but also for our current customers in Sweden. We welcome all new employees and customers to Loomis", says Patrik Andersson, President and CEO of Loomis.
- Earnings before interest, taxes and amortizations
Loomis offers safe and effective comprehensive solutions for the distribution, handling, storage, and recycling of cash and other valuables. Loomis customers are banks, retailers, and other operators. Loomis operates through an international network of more than 400 branches in more than 20 countries. Loomis employs around 24,000 people and had revenue in 2017 of SEK 17.2 billion. Loomis is listed on Nasdaq Stockholm Large-Cap list. For more information, visit loomis.us.
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