Tessi concludes an agreement with Loomis to sell CPOR Devises, the leading foreign currency and gold processing player in France
TESSI announced today the signing of an agreement with Loomis to sell CPOR Devises, a subsidiary of Tessi, owned 80% by Tessi and 20% by Crédit Agricole SA.
CPoR Devises, the leading foreign currency and gold processing player in France, was acquired in 2005 by Tessi from Crédit Agricole, which has remained a minority shareholder with a 20% stake.
CPoR Devises is a credit institution that ensures the liquidity of the French foreign exchange and gold markets. In this capacity, CPoR Devises supplies and recovers foreign banknotes and gold investment products to and from the entire domestic banking and foreign exchange offices network. In addition to that, CPoR Devises also operates internationally.
The equity value is EUR 100 million (implying an enterprise value of approximately EUR 70 million). CPoR Devises has approximately 130 employees and the annual revenue in 2017 was approximately EUR 37.5 million.
This transaction is in line with the strategy aimed at strengthening Loomis’ leadership across their existing cash handling activities while moving up to the value chain and generating synergies.