Loomis expands by acquiring Prosegur Cash in France
Loomis AB has, through a wholly owned subsidiary, entered into an agreement to acquire 100 percent of Prosegur Cash Holding France (PCF). PCF conducts primarily domestic cash handling services in France and has its head office in Lyon.
The final purchase price will be determined on closing of the transaction. The closing date is expected to be in the third quarter, 2019, pending local works council procedures and approval by the French foreign investment regulator. The purchase price is payable on closing.
PCF has approximately 630 employees and the annual net revenue in 2018 was approximately EUR 38.5 million. The acquired operations will be reported in segment Europe and consolidated into Loomis as of closing of the transaction.
“The French cash market is large and important to Loomis. PCF is an operationally solid cash handling business that complements Loomis France present customer portfolio and geographical footprint very well. We look forward to increasing our presence in France and are happy to welcome all new employees and customers to the Loomis group” says Patrik Andersson, President and CEO of Loomis.
April 4, 2019
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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 operators. Loomis operates through an international network of more than 400 branches in more than 20 countries. Loomis employs around 25,000 people and had revenue in 2018 of SEK 19.2 billion. Loomis is listed on Nasdaq Stockholm Large-Cap list.