Loomis undertakes acquisition in Spain

Loomis undertakes acquisition in Spain

 

Loomis has acquired the Spanish cash handling company, Efectivox, with 500
employees and 70 Cash in Transit vehicles, as well as eleven branches out of
which six have cash processing. The company had net sales of approximately MSEK
130 (13.4 M€) and produced a negative result in 2010. The sellers are comprised
of three savings banks as well as the Spanish company Grupo Norte. Prior to the
acquisition, Loomis’ Spanish subsidiaries had 2100 employees, approximately 380
Cash in Transit vehicles, 27 branches.

The purchase price is approximately MSEK 160 (17.5 M€).

As Efectivox, in geographical terms, complements Loomis’ operations, the
combined company will be able to offer cash handling services throughout the
whole of the Spanish mainland.

As a result of the restructuring of the Spanish bank market during recent years,
there has been a greater call for cash handling companies to be able to operate
on a nationwide basis, similar to the banks in the country. In undertaking this
acquisition, Loomis fulfils this requirement. In those areas in which Loomis is
already operating, which is the majority of the business acquired, synergy
effects will be achieved via a coordination of cash processing centers and Cash
in Transit vehicles.

- To be able to offer nationwide operations inSpain, which is one of our major
markets, also creates possibilities to increase the portion of Comprehensive
solutions, that is, Cash in Transit and Cash Management Services in combination.
Amongst other things, we see an increased potential for Loomis SafePoint, which
is a secure and rational system for cash management in, primarily, shops and
restaurants, states Loomis CEO, Lars Blecko.  

The acquisition of Efectivox is in line with Loomis’ acquisition strategy, which
implies both additional acquisitions in existing markets, and expansion into the
new markets in Eastern Europe andLatin America.

The acquisition of Efectivox will contribute positively to the EPS in 2013 and
the estimated negative impact for the full year 2012 is 0.2 SEK per share.

The acquisition is pending approval from competition authorities.

21.12.2011

Lars Blecko
President and CEO
Cell number: 46 70 641 49 10