Loomis makes acquisition in Turkey
Loomis AB has acquired 60 percent of the Turkish cash handling company, Erk Armored, which has approximately 220 employees and approximately 80 vehicles.
With 15 branches, Erk Armored covers large parts of Turkey and has annual revenue of approximately MSEK 60.
As part of the acquisition Loomis has, in the future, the possibility to acquire the remaining 40 percent of the company.
Erk Armored are mainly involved in cash transportation services, which includes ATM services, but also transports gold and diamonds for international customers. The company’s strongest market is western Turkey, mainly the region around Istanbul.
“The Turkish market for cash handling has great development potential as the level of outsourcing among banks is rather low and many of them have their own cash handling organizations. The acquisition of Erk Armored gives us a foothold in an exciting growth market where we have a great opportunity to grow both organically and through further acquisitions,” states Loomis President and CEO Lars Blecko.
Erk Armored is expected to have a positive effect on Loomis’ earnings already in 2011.The acquired operation will be consolidated by Loomis from July 1, 2011.
Earlier this year Loomis announced the acquisition of the cash handling operations from the American company Pendum, comprising 1,500 employees and annual revenue of approximately MUSD 100.