Fund: Segulah IV
Sector: Cash handling
Acquisition: 2010
Responsible partner: Sebastian Ehrnrooth

Scan Coin

Background. Founded in 1966 by Gunnar Sandberg, Scan Coin is a leading supplier of cash handling equipment, primarily used in banks and Cash-in-Transit companies.

Segulah was first introduced to Scan Coin back in 2007 through one of its industrial advisors and in 2010 the dialogue about an acquisition of the company became serious. By that time the company was aiming to enter the retail market and the owner family felt the need for a partner.

To enter retail, Scan Coin developed CashComplete, at significant cost. Late 2009 Scan Coin secured a number of high profile pilot installations with large retail chains in Germany and France and the owner family felt that the time was right to find a financial partner who could support the future development of the business.

After having performed a complete and thorough due diligence of the company, Segulah concluded that Scan Coin represented an attractive investment opportunity based on a strong market position in the European market for cash handling equipment, a large after-sales organization and a stable core business.

A share purchase agreement was signed on 11 October 2010 and the transaction closed on 19 November, with the previous owner family re-investing alongside Segulah.

Opportunity. Segulah’s investment thesis was based on a few key conclusions. First of all, the organizational set-up at the time of the acquisition was suboptimal and could be streamlined. Secondly, the European market for cash handling equipment was relatively fragmented, offering potentially attractive add-on acquisition opportunities as well as ultimately industrially sensible exit routes.

What did Segulah provide? Soon after the acquisition, Andreas Renulf was appointed as CEO, followed by a sequence of changes within the senior management team. The new management team focused its efforts on a shift from a pure product focus to the provision of complete integrated solutions, as well as gaining cost efficiencies within the organization and increasing the presence in the retail market.

Since the acquisition by Segulah, Scan Coin and its management made four bolt-on acquisitions to supplement the company’s technology offering and support the well-established sales and service coverage in Europe. Through the acquisitions of Sotremo, a Swiss distributor of coin and note solutions, Sophus Clausen, a Norwegian distributor of cash handling equipment, and Laurel NGZ / Money Pack, two French distributors, Scan Coin expanded its European sales and service presence and increased the installed base of the Scan Coin group. The acquisition of SoftOne, a Swiss company specialised in software solutions for retail and retail banking cash handling, added further integration know-how and a software platform to allow for integration and remote monitoring of Scan Coin’s solutions within the retail and retail banking markets. The acquisitions of Sophus Clausen and Sotremo were completed in 2011, followed by the acquisitions of SoftOne, Laurel NGZ and Money Pack in early 2012.

The result. During Segulah IV’s ownership, Scan Coin’s profitability improved significantly, with EBITA increasing from MSEK 32 in 2010 to MSEK 136 in 2014. This was achieved through a combination of extensive efficiency improvements, development of new competitive solutions and the four strategic add-on acquisitions.

In January 2015, Segulah IV and the minority shareholders signed an agreement to divest 100% of Scan Coin to SuzoHapp, a global leader in the development and distribution of component solutions for interactive self-service hardware to the global amusement, gaming, industrial, transportation and retail markets.

Current portfolio

Case studies

Realized portfolio

  • Name Fund Sector Acquisition Exit
    NVBS Rail Segulah V B2B Services 2020 2022
    Semantix Segulah V B2B Services 2015 2021
    Conapto Segulah V IT/Technology 2018 2021
    Docu Nordic Segulah IV B2B 2014 2017
    Sandbäckens Segulah V B2B Services 2016 2021
    Zengun Segulah V Construction 2016 2019
    Teknikmagasinet Segulah V Retail 2015 2018
    Mitt i Segulah IV Media 2014 2019
    Oglaend Industries Segulah IV Manufacturing & Industrial Goods 2014 2017
    eTRAVELi Segulah IV IT/Technology 2010 2015
    Byggfakta Scandinavia AB Segulah Information services 1996 1998
    EKH Ekonomihuset Segulah I Pension trusts 1997 1999
    Wilkenson Handskmakar´n AB Segulah Retail 1994 1997
    Teli Service Segulah I Repair & logistic services 1997 2002
    Modul-System Segulah I Vehicle interior fittings 1999 2002
    Norfoods Segulah II Food 2000 2004
    EEN Segulah I Music & entertainment 1999 2004
    CCS, Clean Chemical Segulah II Skin- and eye care 2003 2004
    NVS Installation Segulah II HVAC installation 2002 2006
    HMS Industrial Networks Segulah II Communication technology 2004 2007
    Previa Segulah II Occupational health 2004 2007
    Kosan Crisplant Segulah II LPG supplies 2004 2008
    Callenberg Group Segulah II Marine electronics 2001 2008
    Joy Segulah III Retail 2006 2009
    Isaberg Rapid Segulah III Office supplies 2007 2009
    NEA-gruppen Segulah III Electrical installation 2006 2010
    Exotic Snacks Segulah III Food 2008 2011
    Skandinavisk Kommunalteknik Segulah III Sewage systems 2008 2011
    InfoCare Segulah II Electrical repair 2004 2012
    Medstop Segulah IV Pharmacies 2010 2013
    PMC Group Segulah III Hydraulics 2005 2015
    S:t Eriks Segulah III Building products 2005 2015
    Kemetyl Segulah III Chemicals 2007 2016
    Almondy Segulah III Confectionery 2008 2015
    Scan Coin Segulah IV Cash handling 2010 2015
    CCS Healthcare Segulah IV Healthcare 2011 2019
    Balco Segulah IV Manufacturing & Industrial Goods 2010 2021
    Gunnebo Industrier Segulah III, Segulah IV Industrial 2008 2019