Loomis, a Sweden-based cash handling company, has acquired the Spanish cash handling company Efectivox for EUR17.5m.
The sellers are comprised of three savings banks as well as the Spanish company Grupo Norte.
Efectivox has eleven branches out of which six have cash processing with 500 employees and 70 cash in transit vehicles.
In 2010, Efectivox reported net sales of EUR13.4m and produced a negative result.
Loomis said that the combined company will be able to offer cash handling services throughout the whole of the Spanish mainland.
The acquisition, which is pending approval from competition authorities, is expected to have positive effect on Loomis’ EPS in 2013 and negative impact in 2012.
Loomis CEO Lars Blecko said that to be able to offer nationwide operations in Spain, which is one of our major markets, also creates possibilities to increase the portion of comprehensive solutions, that is, Cash in Transit and Cash Management Services in combination.