Loomis to acquire Ziemann for €160m.

Loomis, through a wholly owned subsidiary, agreed to acquire 100% of Ziemann Sicherheit. Ziemann conducts primarily domestic cash handling services. In addition, Ziemann also carries out security services as well as trading activities within the wholesale and retail market for currencies and precious metals. The enterprise value is approximately €160m ($183m). Ziemann's annual net revenue in 2018 was approximately €175m ($200m). “The German cash market is large and cash in circulation is growing. We also see that outsourcing of cash management services from the bank system to cash specialists, like Loomis and Ziemann, has been accelerating in recent years. Ziemann is a large and operationally very solid cash handling business with a competent and innovative leadership team. These factors combined with Loomis know-how in cash handling, cash recycling and value added solutions make us believe that time is right to invest further in Germany and lead the transformation of the German cash eco system,” Patrik Andersson, Loomis President and CEO.