Loomis Acquires Swedish Cash Handling Firm Nokas05th February 2020
Continuing its spending spree, cash giant Loomis has agreed to acquire Nokas Värdehantering, a Swedish subsidiary of Loomis’ Nordic competitor Nokas, for approximately SEK 80 million (€7.5 million).
The transaction is subject to ownership assessment by the Swedish Financial Supervisory Authority (SFSA), with the purchase price including acquired net debt.
Nokas Värdehantering has approximately 220 employees, with the annual net revenue for the last twelve months, ending in September 2019, being approximately SEK 215 million (€20 million).
Commenting on the deal, Patrik Andersson, president and CEO of Loomis, said: “The acquisition of Nokas’ Swedish cash handling will add opportunities to further develop our service offerings in the Swedish market. We are convinced we can add value for our new customers, but also for our current customers in Sweden.”
Recent Acquisitions by Loomis
• January 2017 – CobelGuard in Belgium for €12 million
• January 2018 – Koetter in Germany for €14 million
• January 2019 – Ziemann in Germany for €160 million
• April 2019 – Prosegur in France for an undisclosed amount
Nokas CMS AB, which deploys ATMs in Sweden, is not part of the acquisition and will remain part of the Nokas Group.
Sweden has seen a continued decline in the value of cash in circulation between 2007 and 2018, with the country currently leading the race to become the world’s first cashless society. However, despite consumers using less cash than before, it’s proving difficult to get rid of it completely due to demand and social issues – including vulnerable groups, like the elderly, not having access to the digital world.
In September 2019, the Swedish government put forward a legislative proposal requiring the largest banks to provide minimal cash services – as a result of smaller branches no longer enabling cash deposits or withdrawals and the termination of some ATMs. The new law protects such vulnerable groups by ensuring access to cash throughout the country.