Loomis completes second acquisition in Chile
Loomis has, through one of its wholly owned subsidiaries, acquired 100 percent of the shares in Compañía Chilena de Valores S.A. (“CCV”) in Chile.
CCV conducts domestic cash handling services and is based in Valparaiso, Chile. The enterprise value, i.e. purchase price plus acquired net debt, is approximately USD 28 million, corresponding to approximately SEK 250 million.
CCV has approximately 1,000 employees and the annual revenue in 2017 was approximately CLP 6.9 billion, equivalent to approximately SEK 95 million.
The business will be reported in segment Europe and consolidated into Loomis as of closing of the transaction. The closing took place 27 June 2018 and the purchase price was paid on closing. The acquisition is expected to have a marginal positive impact on the earnings per share of Loomis in 2018.
”With this acquisition Loomis continues to expand the Latin American footprint. This is in line with our overall strategy and since we already have a presence in the Chilean cash handling industry it further enhances our position. After the acquisition Loomis’ market share in the Chilean cash handling industry will exceed 30 percent. CCV brings in a new set of customers and the Latin American region is growing and shows further potential for the future. We are happy to welcome all new employees and customers to the Loomis Group” says Patrik Andersson, President and CEO of Loomis.