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Loomis Armored purchases Pendum's cash logistics business for $100 million

With the sale of the cash logistics business, Pendum will focus solely on its ATM maintenance and service operations.

March 30, 2011

Loomis Armored US, LLC today announced that it has purchasedPendum LLC's cash logistics business, including its armored transportation and Cash-in-Transit services companies for $100 million. The deal between Loomis and Pendum is scheduled to close April 30.

Pendum, which is based in Denver, however, will retain its core-maintenance business and will continue to provide first- and second-line maintenance, project work and ATM hardware sales, company officials said in a statement.

"With the sale of the cash logistics business, we are able to focus solely on Pendum's ATM maintenance and service operations," said Sean Ozbolt, managing director of Bayside Capital, a private equity firm that owns Pendum. "We look forward to accelerating our growth in this market and expanding our competitive positioning as the leading independent provider of ATM-maintenance services in the U.S. We will continue to build on the recent accomplishments Pendum's maintenance organization has achieved."

Pendum has more than 25 years of service to the ATM industry, bringing customers flexible, consultative solutions designed to reduce  operating costs and improve ATM uptime. Pendum is certified under NCR Corp.'s Authorized Sales and Service Provider (ASSP) program, giving the company complete capabilities to install and service all NCR machines.

The acquisition will add approximately $65 million in revenue to Houston-based Loomis US during 2011. Most of Pendum's operations that Loomis is acquiring will be incorporated into Loomis' existing operations. That includes cash replenishment and management of 43,000 ATMs across the United States with an annual turnover of $100 million.

"At the same time, we are strengthening our geographical presence and market position in several important regions, among them Ohio and Kentucky," said Lars Blecko, CEO of Loomis.

The company has a service network of nearly 200 operating locations in the United States and Puerto Rico. Loomis also operates in 11 Western European countries.  The company employs 8,000 workers and operates a fleet of approximately 3,000 armored and other vehicles.

Last year, Loomis made three major acquisitions, totaling more than $10 million, in the United States.  The company is owned by Loomis AB, which is based in Solna, Sweden.