Fund: Segulah IV
Area: Cash handling
Acquisition: 2010
Responsible partner: Percy Calissendorff

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 Area Acquisition Exit
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    Zengun Segulah V Construction20162019
    Teknikmagasinet Segulah V Retail20152018
    Oglaend Industries Segulah IV20142017
    eTRAVELi Segulah IV20102015
    Byggfakta Scandinavia AB Segulah Information services19961998
    EKH Ekonomihuset Segulah I Pension trusts19971999
    Wilkenson Handskmakar´n AB Segulah Retail19941997
    Teli Service Segulah I Repair & logistic services19972002
    Modul-System Segulah I Vehicle interior fittings19992002
    Norfoods Segulah II Food20002004
    EEN Segulah I Music & entertainment19992004
    CCS, Clean Chemical Segulah II Skin- and eye care20032004
    NVS Installation Segulah II HVAC installation20022006
    HMS Industrial Networks Segulah II Communication technology20042007
    Previa Segulah II Occupational health20042007
    Kosan Crisplant Segulah II LPG supplies20042008
    Callenberg Group Segulah II Marine electronics20012008
    Joy Segulah III Retail20062009
    Isaberg Rapid Segulah III Office supplies20072009
    NEA-gruppen Segulah III Electrical installation20062010
    Exotic Snacks Segulah III Food20082011
    Skandinavisk Kommunalteknik Segulah III Sewage systems20082011
    InfoCare Segulah II Electrical repair20042012
    Medstop Segulah IV Pharmacies20102013
    PMC Group Segulah III Hydraulics20052015
    S:t Eriks Segulah III Building products20052015
    Kemetyl Segulah III Chemicals20072016
    Almondy Segulah III Confectionery20082015
    Scan Coin Segulah IV Cash handling20102015
    CCS Healthcare Segulah IV Healthcare20112019
    Gunnebo Industrier Segulah III, Segulah IV Industrial20082019