Loomis purchases Intermarketing Oy for EUR 19M.

Loomis AB, a Stockholm, Sweden-based public company handling cash transactions, announced the acquisition of 100 per cent of the shares in Intermarketing Oy.

The enterprise value, i.e. purchase price less acquired net cash, is approximately EUR 19 million, corresponding to approximately SEK 181 million ($22.4M).

Intermarketing, based in Helsinki, FInland, is a family company that provides cash recycling solutions to customers in the bank and retail sector. The company has installed close to 1,000 recycling systems in Finland. and provides customers with a full service solution including hardware, software, deployment and integration and after-market service.

Intermarketing has approximately 30 employees and annual revenue in 2016 was approximately EUR 9.5M.

The business will be reported in segment Europe and consolidated into Loomis as of closing of the transaction. The closing date was September 21, 2017. 90% of the purchase price was paid on closing. The acquisition is expected to only have a marginal positive impact on the earnings per share of Loomis in 2017.