Sweden-based cash-handling company Loomis has agreed to acquire Cima from Milano Investments in a move to bolster its automated solutions.

The acquisition will be carried out for an initial purchase price of €132m on a cash and debt-free basis along with a potential earn-out of up to €17.5m based on the EBITDA outcome for the financial year of 2024.

Based in Italy, Cima is a technology-driven developer of automated cash-handling devices which are designed to identify, count, process, and secure cash notes and coins.

Besides, the company has expertise in cash-handling automation as well as a strong focus on research and development (R&D).

Cima is said to serve a global customer base through nearly 120 employees. The company had a revenue of about €66m in 2022.

According to Loomis, the acquisition aligns with its communicated strategy to add new technology and skills to complement its current business.

Furthermore, the acquisition is expected to complement Loomis in terms of both product offerings, technological solutions, and geographic footprint.

Both parties aim to combine their strengths and expertise to extend and further develop cash-handling automation solutions by focusing on customer value.

Upon closing of the transaction, the business will be reported within the SafePoint (automated solutions) business line and consolidated into Loomis.

Loomis president and CEO Aritz Larrea said: “Our automated solutions, with SafePoint as the key product, has been a great success and continuing to grow this business is an important part of our strategy.

“With the acquisition of Cima and their complete solution, we have taken a significant step in expanding our offer of automated solutions.

“Together, we will combine our strengths and capabilities to provide enhanced solutions and value to our customers. Furthermore, Cima’s sales network gives us additional growth opportunities and access to new markets.”

Subject to certain conditions, the transaction is expected to be complete in Q4 2023.