Loomis Fargo & Co. plans to acquire the cash-handling business of Pendum LLC to add to its ATM-servicing operations, the Houston-based subsidiary of Securitas AB of Sweden announced March 31.
The company says it is buying the cash-replenishment and management services of the Denver-based company’s 43,000 ATMs deployed across the United States. Loomis expects the acquisition, valued at $100 million, to close at the end of April.
Lars Blecko, Loomis chief executive, said in a news release his company is looking to increase its range of services, moving beyond handling and transporting money.
“Loomis aims to service its customers’ total cash-handling needs as its core focus,” Blecko said in the release. Loomis sees “this acquisition as a next step in capitalizing on the emerging opportunities in the cash-handling arena,” he said.
“This, to me, obviously signals a further consolidation in an already highly consolidated market,” says Bob Meara, a senior banking analyst at Celent. “It underscores the value of scale in cash logistics.”
