Loomis acquires SecurePost, the cash handling business of the Swiss Post Group
Loomis AB has, through its wholly owned subsidiary Loomis Schweiz AG (Loomis Switzerland), entered into an agreement to acquire certain assets and liabilities of SecurePost AG (SecurePost), a subsidiary of Die Schweizerische Post AG (Swiss Post Group). The transaction scope includes all relevant customer contracts, employees and operational assets. New commercial agreements with other entities of the Swiss Post Group have been agreed and will be in effect as of closing of the transaction. The enterprise value is approximately CHF 17.5 million.
SecurePost has a nationwide footprint in Switzerland and approximately 440 employees. Revenues during 2020 were approximately CHF 66 million. The business contributes, in addition to traditional cash in transit (CIT) and cash management services (CMS), with an installed base of some 1,300 smart safes that will be integrated into Loomis' Swiss SafePoint portfolio.
The business will be reported in segment Europe and consolidated into Loomis as of closing of the transaction, which is expected on May 3 2021. The transaction is not subject to any regulatory approvals and the purchase price is payable on closing.
The current operating margin, EBITA1), is negative and expected to be marginally positive on an integrated basis for FY2022 following the partial realization of synergies. Once fully integrated over 2 years the acquired volumes are anticipated to reach profitability representing a post-synergy purchase multiple of approximately 4 times EBITA.
Including integration and transaction costs, the acquisition is expected to have a dilutive impact on the earnings per share of Loomis in 2021. From full-year 2022 the initial dilution is anticipated to be recovered and the acquisition accretive to pre-acquisition earnings per share.
"Through acquiring the cash handling operations of Swiss Post we gain a platform that allows us to further develop our service offering and value proposition in the Swiss market. We look forward to continuing to add value to our new and existing customers in Switzerland and proudly welcome all new employees and customers to Loomis", says Patrik Andersson, President and CEO of Loomis.
1) 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, merchants and other operators. Loomis operates through an international network of more than 400 branches in more than 20 countries. Loomis employs around 25,000 people and had revenue in 2019 of SEK 21.0 billion. Loomis is listed on Nasdaq Stockholm Large-Cap list.
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