STOCKHOLM, July 18,
2023 /PRNewswire/ -- Loomis AB has entered into an
agreement to acquire 100 percent of Cima S.p.A. from Milano
Investments S.p.A. for an initial purchase price of EUR 132 million (approximately SEK 1.5 billion) on a cash and debt free basis,
plus a potential earn-out.
Cima is a technology-driven developer of automated cash handling
devices that recognize, count, process, secure cash notes and
coins. The company has extensive experience within cash handling
automation with a strong focus on R&D. The Italian-based Group
has a global customer base and approximately 120 employees. The
Group has a track record of strong financial performance and in
2022 had revenue of approximately EUR 66
million.
"Our automated solutions, with SafePoint as the key product, has
been a great success and continuing to grow this business is an
important part of our strategy. With the acquisition of Cima and
their complete solution, we have taken a significant step in
expanding our offer of automated solutions. Together, we will
combine our strengths and capabilities to provide enhanced
solutions and value to our customers. Furthermore, Cima's sales
network gives us additional growth opportunities and access to new
markets," says Aritz Larrea, President and CEO of Loomis.
By combining Cima's technological know-how and utilizing
our extensive knowledge of our customers' processes, we secure our
ability to innovate and continue to deliver customer-oriented
solutions at the forefront. I look forward to welcoming the Cima
team into the Loomis Group and embarking on this exciting journey
of growth and innovation.
Strategic rationale
The acquisition of Cima strengthens Loomis' offer of automated
solutions in line with the communicated strategy to add new
technology and competencies to complement the existing
business.
Cima brings a proven track record of innovation and R&D
within cash automation and complements Loomis in terms of both
product offering, technological solutions as well as geographic
presence, with well-known and high-quality solutions.
Together, Loomis and Cima will combine their strengths and
expertise to expand and further develop best-in-class cash-handling
automation solutions with the customer value in focus.
Overview of the transaction
The initial purchase price amounts to EUR
132 million on a cash and debt free basis, with a potential
earn-out of maximum EUR 17.5 million
based on the EBITDA outcome for the financial year of 2024. The
initial purchase price corresponds to an 8x EBITDA multiple based
on the year-end 2022 financials. The total consideration, assuming
full earn-out, of EUR 149.5 million
is estimated to be below 8x EBITDA.
The acquisition can be funded through available cash and
existing credit lines.
The business will be reported within the SafePoint (Automated
Solutions) business line and consolidated into Loomis as of closing
of the transaction. Closing is expected during the fourth quarter,
subject to certain closing conditions. The management team of Cima
will remain with the company in their current positions.
Including transaction and integration costs, the acquisition is
expected to have a positive impact on the operating profit
(EBITA1) and the earnings per share of Loomis in 2023.
The contribution from the acquisition should be seen as an addition
to Loomis' financial targets for the strategic period ending
2024.
1) Earnings before interest,
taxes and amortizations
This press release is also available on the company's
website, www.loomis.com.
July 18, 2023
CONTACT:
Aritz Larrea
President and CEO
Cell: +34 650 10 20 23
E-mail: aritz.larrea@loomis.com
The following files are available for download:
https://mb.cision.com/Main/51/3806688/2194842.pdf
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Loomis makes strategic
acquisition within Automated Solutions by acquiring Cima
S.p.A.
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SOURCE Loomis AB