Loomis AB has entered into an agreement to acquire 100 per cent of the shares in Cobelguard CIT NV. Cobelguard conducts domestic cash handling services and is based in Ghent, Belgium. The enterprise value, i.e. purchase price plus acquired net debt, is approximately EUR 12 million, corresponding to approximately SEK 114 million. There is also an agreed possible future earn-out of maximum EUR 5 million based on the future financial performance.
Cobelguard has approximately 170 employees and annual revenue in 2016 was approximately EUR 12 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 30, 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 2017.
“This acquisition further expands our European footprint and gives us the opportunity to benefit from the outsourcing trend, which we believe will accelerate in Belgium in the coming years. We welcome all new employees and customers to the Loomis group”, says Patrik Andersson, President and CEO of Loomis.