Loomis acquires CPoR Devises in France
Loomis AB has, through a wholly owned subsidiary, entered into an agreement to acquire 100 percent of the shares in CPoR Devises (“CPoR”) in France. CPoR is part of the Tessi group that is listed on Euronext, Paris.
CPoR is a French credit institution and is mainly a supplier of foreign currency (FX) but also physical gold for investment purposes.
The FX services include wholesale purchase and sale of banknotes for banks and currency exchange offices, currency purchase and sale for bank branches as well as secure transport service for collection and delivery of banknotes to bank branches throughout France and some other French-speaking territories.
The company’s headquarter is in Paris, France and branches are located in Lyon, Marseille, and Nice.
The enterprise value, i.e. purchase price on a debt/cash free basis, is approximately EUR 70 million, corresponding to approximately SEK 700 million. CPoR has approximately 130 employees and the annual revenue in 2017 was approximately EUR 37.5 million.
The acquired operations will be reported in segment Europe and consolidated into Loomis as of closing of the transaction. The closing date is expected to be in Q4, 2018 pending local works council procedures and approval of ACPR, the French financial market regulator. The purchase price is payable on closing. The acquisition is not expected to have any material impact on the earnings per share of Loomis in 2018.
”With this acquisition Loomis expands the foreign exchange offer from Scandinavia to the largest tourist market in the world. This is fully in line with our overall strategy and the acquisition gives us the opportunity to take an active role in the FX market in France and act as local FX distributor for banks and other customers. Under the leadership of the CPoR management and the Tessi group, the company has become a quality service provider with great respect for both its employees and its customers. I am very pleased to welcome all new employees and customers to the Loomis Group and look forward to developing the FX business in France and across Europe” says Patrik Andersson, President and CEO of Loomis.