Loomis AB, through its wholly owned subsidiary, Loomis Sverige AB, is buying cash-handling firm Nokas Vardehantering AB, subsidiary of Norway’s Nokas Kontandthantering AS, in a deal valued at SEK 80 ($8.4 million) including assumed debt.
Nokas Vardehantering and Loomis Sverige are both cash-handling firms operating under supervision of the Swedish Financial Supervisory Authority, and the newly acquired business will be consolidated into Loomis.
“The acquisition of Nokas’ Swedish cash handling will add opportunities to further develop our service offerings in the Swedish market,”Patrik Andersson, president and CEO of Loomis, said in a company release. “We are convinced we can add value for our new customers, but also for our current customers in Sweden.”
Nokas Vardehantering has a total of 220 employees and annual revenue for the fiscal year ended in September 2019 was SEK 215 million ($22.6 million), however the company has a current operating margin that is negative.
After including integration costs, the acquisition is expected to have a marginal dilutive effect on earnings but is expected to be profitable afterwards.
Nokas CMS AB, which deploys ATMs in Sweden, is not part of the acquisition and will remain part of the Nokas Group.