Cash managing company Loomis (OMX: LOOM B) said it has acquired Argentinean cash handling company Vigencia. The Buenos Aires focused company has some 190 workers and 40 cash in transit vehicles. Its annual net sales are around 60 million SEK.
Loomis is entering new geographies and this is its first acquisition outside Europe and its first entry into Latin America in general. Loomis updated strategy some time ago and Latin America as a cash-intensive geography is a major focus area where the company plans to make further inroads.
Loomis feels that from a structural perspective it can leverage its experience from Spanish operations to gain synergies. Argentinean cash handling market has one dominant player with around 60% market share and Loomis plans to use Vigencia as a platform for organic growth allowing the company to challenge the status-quo.
Prior to this transaction the company already has presence in 14 European countries including U.K and Turkey and in the United States. It transports cash to places of need such as banks, ATMs and retailers with armoured transport vehicles. With over 20 000 employees, the company is a world leader in the area. The stock was up almost 2% for the day.
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