Loomis expands into International Services by acquiring VIA MAT Group
ET | Source:Loomis AB
Loomis, one of the leading cash handling companies, has entered into an
agreement to acquire 100 per cent of the shares in VIA MAT Holding AG (“VIA
MAT”). VIA MAT is based in Zurich, Switzerland, and is one of the world’s
leading companies in international valuables logistics. The enterprise value is
approximately CHF 200 million corresponding to approximately SEK 1,450 million.
The acquisition enables Loomis to expand its service offering by adding
International Services to the existing Cash in Transit and Cash Management
Services lines of businesses. The International Services consist of three types
of operations; cross border transportation of cash and precious metals, storage
of valuables and general logistic solutions.
Furthermore, as a result of VIA MAT’s position in the Swiss cash handling
market, the acquisition will make Loomis the market leader in cash handling in
The acquired annual revenue is approximately CHF 290 million, whereof
approximately CHF 240 million relates to International Services and CHF 50
million relates to the domestic Swiss cash handling operations.
VIA MAT and its subsidiaries have about 1,000 employees with presence in Asia,
South America, the Middle East, US and Europe. The acquisition will give Loomis
access to several new geographies and add new growth opportunities.
Operating margin in VIA MAT is approximately 6 per cent compared to Loomis’
operating margin of 9.7 per cent in 2013. The acquisition is expected to have a
marginal positive impact on earnings per share of Loomis in 2014.
The domestic Swiss cash handling business will be consolidated into segment
Europe and International Services will be reported as a new segment. The
operations will be consolidated by Loomis as of the date of closing of the
transaction. The target closing date for the transaction is expected to be no
later than April 30, 2014. The purchase price is payable upon closing.
“This acquisition is a perfect strategic fit for Loomis, adding International
Services as an important piece in Loomis service offering. In addition, this
acquisition creates opportunities for further growth in current as well as in
new markets. I look forward to working together with VIA MAT’s management team
and employees to make this a successful combination. We are very pleased to add
this business to our Group”, says Jarl Dahlfors, President and CEO of Loomis.
The closing of the acquisition is subject to relevant regulatory approval and
other customary closing conditions.
A press and analyst conference call will take place on April 4th, at 10.00am
Phone number +46 (0) 8 505 201 14, +44 (0) 207 1620 177, or +1 334 323 6203,
conf ID: 943593.
Individual interviews can be booked by Carina Cederblad, +46 8 522 920 53 or
President and CEO
Mobile number: 46 70 607 20 51
Loomis offers safe and effective comprehensive solutions for the distribution,
handling and recycling of cash for banks, retailers and other commercial
companies via an international network consisting of almost 400 branch offices
in 16 countries. Loomis has 20 000 employees and annual revenue of 11 billion
Swedish kronor. Loomis is a midcap listed company on NASDAQ OMX Stockholm.
Loomis AB discloses the information provided herein pursuant to the Swedish
Securities Market Act and/or the Financial Instruments Trading Act. The
information was submitted for publication at 8.00 a.m. (CEST) on April 4th,
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