Loomis acquires Nokas Värdehantering in Sweden

Loomis acquires Nokas Värdehantering in Sweden

Loomis AB has, through the wholly owned subsidiary Loomis Sverige AB (Loomis Sverige), entered into an agreement to acquire 100 percent of Nokas Värdehantering AB (Nokas Värdehantering), a subsidiary of Nokas Kontanthåndtering AS in Norway.

 

- Sweden has become a challenging market with a significant decline in cash volume in recent years. The authorities' measures in Sweden do not contribute to improving the situation. Our conclusion is that in the future there will be no room for two players in the Swedish market. In order to secure our financial position, and not least to give our employees the best opportunities in the future, we have therefore chosen to sell our counting and transport operations in Sweden, says Gisle Sveva, Managing Director of Nokas Cash Handling, and continues:

- However, we will continue our ATM operations in Sweden in Nokas CMS AB, a business that is a good contributor to Nokas Cash Handling profitability, he says.

“The acquisition of Nokas’s Swedish cash handling will add opportunities to further develop our service offerings in the Swedish market. We are convinced we can add value for our new customers but also for our current customers in Sweden. We welcome all new employees and customers to Loomis”, says Patrik Andersson, President and CEO of Loomis.   

During 2020 Nokas changes its name to AVARN Security. The cash-business in the company will continue under the name of Nokas.

Nokas becomes Avarn Security