Bankernes Kontantservice A/S (“BKS”) the interbank cashMoney in physical form such as banknotes and coins. More utility based in Copenhagen, Denmark has entered into an agreement to be acquired by Loomis Danish subsidiary. BKS provides cash handling solutions for the financial institutions in Denmark. It stores, delivers, collects, and counts cash. The company buys and sells cash on behalf of the Danish financial institutions. Its products and services include banknoteA banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. More and coinA coin is a small, flat, round piece of metal alloy (or combination of metals) used primarily as legal tender. Issued by government, they are standardised in weight and composition and are produced at ‘mints’. More handling, servicing of cash points/ATMs, business deposit handling in night deposit boxes, and foreign currencyThe money used in a particular country at a particular time, like dollar, yen, euro, etc., consisting of banknotes and coins, that does not require endorsement as a medium of exchange. More handling. The company was founded in 2010.The enterprise value is approximately DKK 250 million, corresponding to approximately SEK 316 million.
BKS annual revenue in 2015 was approximately DKK 340* million and Loomis Denmark’s annual revenue 2015 was approximately DKK 92 million.
The acquisition enables Loomis to expand its customer portfolio in Denmark and to service a broad spectrum of banks, retailers and other customers.
“This acquisition is a very good fit for Loomis, building on the strategy to acquire in existing markets and to benefit from the outsourcingTo commission a third party to conduct a part of the business, because it allows management to concentrate in the core business area. Outsourcing an activity, does not remove the responsibility for what is done on behalf and in the name of the institution and it should maintain the reputational impact of the activity intact. More trend. We believe that combining BKS and Loomis is the best long term solution for cash handling services in the Danish market. We are very pleased to add this business and welcome all new employees and customers to the Loomis group”, says Patrik Andersson, President and CEO of Loomis.
The Governor of the central bank Hugo Frey Jensen stated: “We are content that now there is a buyer to Bankernes Kontantservice (BKS). BKS was established in 2010, and at the time Danmarks Nationalbank joined the circle of owners in order to increase security in the cash handling. This was necessary to prevent a recurrence of the violent robberies that the sector was exposed to in the previous years. This goal has now been obtained, and thus there is no longer a natural reason for Danmarks Nationalbank to be co-owner of BKS.”
*excluding non-recurring security fee paid by the owners of BKS.