Loomis acquires logistics operations in the U.S.
Loomis AB’s subsidiary in the US has acquired the Global Logistics operations from Dunbar Armored, Inc. The acquisition enables Loomis to expand its service offering by adding domestic and overnight services to the existing international service line of business. The acquired activities include primarily shipments and storage of precious metals and other valuables.
The purchase price amounts to USD 4 million, which corresponds to approximately SEK 33 million. The acquired operations have annual revenue of approximately USD 9 million (SEK 75 million) and employs around 100 staff.
The absolute majority of the revenue is US domestic and the acquired operations will therefore be reported in the Loomis US segment.
“Dunbar Global Logistics fits well with Loomis and the Loomis US domestic operation gains a new set of customers for the recently opened Louisville hub but also in New York and Los Angeles. Dunbar Global Logistics also extends the reach of Loomis International and we will take steps to further our customer base in this segment to achieve our goal of being a leading player in both domestic and international cash and valuable services”, says Lars Blecko, CEO of Loomis AB.
Kevin Dunbar, President and CEO of Dunbar says, “The divestment of the Dunbar Global Logistics division, a non-core business for Dunbar, will allow us to further our strategic reinvestments into our growing core armored, cash vault and cash management businesses and our new investment in Cybersecurity. I am confident that this move will help guide us toward our strategic targets, strengthen our company and create more opportunities for our employees.”
The acquisition is expected to have a limited positive impact on Loomis’ earnings per share in 2015 and will be consolidated as of November 1, 2015.