Loomis expands in Denmark by acquiring BKS
Loomis Danish subsidiary has entered into an agreement to acquire 100 per cent of the shares in Bankernes Kontantservice A/S (“BKS”) based in Copenhagen, Denmark.
The enterprise value is approximately DKK 250 million, corresponding to approximately SEK 316 million.
BKS annual revenue in 2015 was approximately DKK 340* million and Loomis Denmark’s annual revenue 2015 was approximately DKK 92 million.
The acquisition enables Loomis to expand its customer portfolio in Denmark and to service a broad spectrum of banks, retailers and other customers.
The business will be reported in segment Europe and the operations will be consolidated into Loomis as of closing of the transaction. The closing date is expected later in August, 2016. The purchase price is payable on closing. Due to integration costs the acquisition is expected to have a marginal negative impact on the earnings per share of Loomis in 2016.
“This acquisition is a very good fit for Loomis, building on the strategy to acquire in existing markets and to benefit from the outsourcing trend. We believe that combining BKS and Loomis is the best long term solution for cash handling services in the Danish market. We are very pleased to add this business and welcome all new employees and customers to the Loomis group”, says Patrik Andersson, President and CEO of Loomis.
*excluding non-recurring security fee paid by the owners of BKS.
President & CEO
Loomis offers secure 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 more than 23,000 people and had revenue in 2015 of SEK 16 billion. Loomis is listed on Nasdaq Stockholm Large-Cap list.