Loomis acquires Intermarketing Oy in Finland
Loomis AB has acquired 100 per cent of the shares in Intermarketing Oy. Intermarketing provides cash recycling solutions to customers in the bank and retail sector and is based in Helsinki, Finland.
The enterprise value, i.e. purchase price less acquired net cash, is approximately EUR 19 million, corresponding to approximately SEK 181 million.
Intermarketing has approximately 30 employees and annual revenue in 2016 was approximately EUR 9.5 million.
The business will be reported in segment Europe and consolidated into Loomis as of closing of the transaction. The closing date was September 21, 2017. 90% of the purchase price was paid on closing. The acquisition is expected to only have a marginal positive impact on the earnings per share of Loomis in 2017.
Intermarketing is a Nordic leader in cash recycling solutions and the company has over the years installed close to 1,000 recycling systems in Finland. The company provides customers with a full service solution including hardware, software, deployment and integration and after-market service.
“We see a potential for taking the knowledge and solutions to customers in other Loomis countries, initially with a focus on the Nordic markets. Intermarketing’s solutions mean that customers can reduce their cost of handling cash and we believe that these smart solutions will keep cash competitive compared to other payment solutions for a very long time to come”, says Patrik Andersson, President and CEO of Loomis.
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 companies. 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 2016 of SEK 16.8 billion. Loomis is listed on Nasdaq Stockholm Large-Cap list.