Loomis today announced the acquisition of Guardian Armored Security, Inc., a Michigan based cash handling services provider.
The Guardian cash handling operations employ over 200 with annual revenue of nearly $10 million. With this transaction, Loomis becomes the leading cash handling services provider in the Michigan market.
Loomis, formerly known as Loomis, Fargo & Co. in the US and Securitas in Europe, is an international leader in cash handling services with annual revenue of approximately $1.6 billion. The company's operating network consists of over 200 locations in the US and Puerto Rico in addition to 240 locations in Western Europe. Guardian Armored Security is a privately held entity operating in three Michigan locations including Detroit, Flint and Grand Rapids.
"Guardian is a well respected organization in Michigan," said Cal Murri, Loomis US President. "Complementing our existing operations in Flint, this combination will give us a robust network on which to build in Michigan. We are anxious to introduce some of our comprehensive cash solutions such as SafePoint for retailers and Virtual Vault for banks of all sizes. We feel confident that the integration of the Guardian operations into our organization will be relatively seamless."
"We have put a lot of hard work into building this business over the years," said Richard Pierce, President and co-owner of Guardian with his brother Douglas. "When we met with the team from Loomis, we found them to have fair expectations and immediately saw the wonderful opportunity this creates for our customers as well as the unserved market here which may find new solutions to fit their needs." "We also have great confidence that our team of over 200 employees will continue to be treated right under the Loomis leadership," added Douglas.
This acquisition will be effective September 1, 2007.