Loomis acquires KÖTTER Geld- & Wertdienste in Germany
Loomis has, through a wholly owned subsidiary, entered into an agreement to acquire 100 per cent of the limited partnership capital of KÖTTER Geld- und Wertdienste SE & Co. KG (“KGW”), which will be carved out from the KÖTTER group. KGW conducts domestic cash handling services and is based in Essen, Germany. The enterprise value, i.e. purchase price plus acquired net debt, is approximately EUR 14 million, corresponding to approximately SEK 140 million.
KGW has approximately 800 employees and the annual revenue in 2017 is expected to be approximately EUR 45 million.
The business will be reported in segment Europe and consolidated into Loomis as of closing of the transaction. The closing date is expected to be January 22, 2017. The purchase price is payable on closing. Due to acquisition related costs and integration costs the acquisition is expected to have a marginal negative impact on the earnings per share of Loomis in 2018.
“With this acquisition Loomis expands into one of the biggest markets in Europe. In line with our overall strategy, the deal gives us the opportunity to take an active role in transforming both the German cash handling industry and the cash ecosystem in Germany. Under the leadership of the KÖTTER group, the company has become a quality service provider with great respect for both its employees and its customers. We aim to stay true to that and are glad to welcome all new employees and customers to the Loomis group” says Patrik Andersson, President and CEO of Loomis.