Loomis agrees to acquire cash handling business of Pendum

Loomis, a Swedish-based cash handling company, announced recently that its U.S. subsidiary has reached an agreement to acquire the cash handling operations of Pendum.

According to a statement, the $100 million purchase price includes the cash replenishment and management of 43,000 ATMs across the country. In addition, the acquisition is expected to add $65 million in revenue to Loomis’ U.S. subsidiary during 2011.

"Most of the Pendum operations that we are acquiring will be incorporated in our existing organisation and structures, which will increase productivity at a large number of our branch offices. At the same time we are strengthening our geographical presence and market position in several important regions, among them Ohio and Kentucky," said Loomis CEO Lars Blecko in a statement.

Click here to read the full press release.