Edgeview Partners is pleased to announce the sale of Pendum LLC’s CIT Division, a leading provider of cash logistics and armored car (CIT – “cash-in-transit”) services in the United States, to the U.S. subsidiary of Loomis AB, an international provider of cash handling services based in Sweden.  Edgeview Partners served as the exclusive financial advisor to Pendum LLC and its majority shareholder, Miami-based Bayside Capital.

Loomis acquired Pendum LLC’s CIT operations, which include cash replenishment and management of approximately 43,000 ATMs across the United States, for approximately $100 million.

Based in Denver,  CO, Pendum LLC’s CIT Division provides value‑added cash replenishment and vault management services to a contracted customer base consisting of independent ATM operators, credit unions, regional and national banks, casinos and retail establishments.  The CIT Division’s broad range of services includes scheduled and emergency replenishment of ATMs, safeguarding of customer cash while in transit and storage and reconciling records of cash transactions.

Jim Campbell, chief executive of Pendum LLC, stated, “Edgeview was integral to completing this successful transaction.  Edgeview provided tremendous resources and skill in helping us achieve our objective.”  Edgeview’s transaction team included Ted Garner, Grant Hamilton, Paul Habenicht and Jenny Betzwieser.

Bayside Capital is a credit oriented investment firm with more than $4.5 billion under management. Focused on middle market companies, Bayside Capital invests across several segments of the primary and secondary debt capital markets with an emphasis on long term returns.  With eight offices throughout the U.S. and Europe and 200 investment professionals to draw upon, Bayside Capital has the experience, resources and flexibility required to provide capital solutions quickly, and the strategic and operational expertise to help support its investments.

Loomis AB offers safe and effective solutions for the distribution, handling and recycling of cash for banks, retailers and other commercial companies via an international network consisting of more than 370 branch offices in 13 European countries and the United   States.  Loomis employs approximately 20,000 people and generates annual revenue of approximately $2.0 billion.  Loomis is a midcap company listed on the NASDAQ OMX Stockholm.