SOLNA, Sweden, March 30, 2021 /PRNewswire/ -- Loomis AB has,
through its wholly owned subsidiary Loomis Schweiz AG (Loomis
Switzerland), entered into an agreement to acquire certain assets
and liabilities of SecurePost AG (SecurePost), a subsidiary of Die
Schweizerische Post AG (Swiss Post Group). The transaction scope
includes all relevant customer contracts, employees and operational
assets. New commercial agreements with other entities of the Swiss
Post Group have been agreed and will be in effect as of closing of
the transaction. The enterprise value is approximately CHF 17.5 million.
SecurePost has a nationwide footprint in Switzerland and approximately 440 employees.
Revenues during 2020 were approximately CHF
66 million. The business contributes, in addition to
traditional cash in transit (CIT) and cash management services
(CMS), with an installed base of some 1,300 smart safes that will
be integrated into Loomis' Swiss SafePoint portfolio.
The business will be reported in segment Europe and consolidated into Loomis as of
closing of the transaction, which is expected on May 3 2021. The transaction is not subject to any
regulatory approvals and the purchase price is payable on
closing.
The current operating margin, EBITA1), is
negative and expected to be marginally positive on an integrated
basis for FY2022 following the partial realization of synergies.
Once fully integrated over 2 years the acquired volumes are
anticipated to reach profitability representing a post-synergy
purchase multiple of approximately 4 times EBITA.
Including integration and transaction costs, the acquisition is
expected to have a dilutive impact on the earnings per share of
Loomis in 2021. From full-year 2022 the initial dilution is
anticipated to be recovered and the acquisition accretive to
pre-acquisition earnings per share.
"Through acquiring the cash handling operations of Swiss Post we
gain a platform that allows us to further develop our service
offering and value proposition in the Swiss market. We look forward
to continuing to add value to our new and existing customers in
Switzerland and proudly welcome
all new employees and customers to Loomis", says Patrik Andersson, President and CEO of
Loomis.
1) Earnings before interest, taxes and
amortizations
March 30, 2021
CONTACT:
Patrik Andersson
President and CEO
Mobile: +46 76 111 34 00
Email: patrik.andersson@loomis.com
Kristian Ackeby
CFO
Mobile: +46 70 569 69 98
Email: kristian.ackeby@loomis.com
Anders Haker
Chief Investor Relations Officer
Mobile: +46 70 810 85 59
Email: anders.haker@loomis.com
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Loomis acquires
SecurePost, the cash handling business of the Swiss Post
Group
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SOURCE Loomis AB