Hermes Transportes Blindados S.A.

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What it is

Hermes Transportes Blindados moves money, valuables and documents for Peru’s banks, retailers and miners — sending and collecting banknotes, coins, precious metals and jewellery, and restocking ATMs across the country. It operates five business lines: cash-in-transit, ATM channel management, document courier, Smart Security (small-amount valuables runs), and its proprietary Hermeticase smart-safe device.

The fleet runs to roughly 252 armoured vehicles, including 190 trucks, and the network spans 18 locations — one main base in Lima and 17 branches in cities across Peru. The company was founded on 14 April 1985 by shareholders of the Banco Wiese — the Wiese and De Osma families — specifically to move cash and securities.

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Who owns it

The controlling shareholder is Maiz Jersey Limited, a special-purpose vehicle of the British private-equity fund CVC Capital Partners, which bought into Hermes in January 2020 and amassed a 98.69% stake at the time of acquisition. Today, CVC through Maiz Jersey holds 95.3% of the shares, with the Grupo Wiese at 2.65% and the Fideicomiso de Osma at 1.54%.

CVC bought Hermes in 2020 for close to US$400 million, having acquired it from the US fund Carlyle, which had controlled the company since 2015. The float available to ordinary market investors is therefore minimal — less than 1% of shares trade freely on the BVL.

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Who runs it

Gonzalo de la Puente Wiese serves as Chairman of the Board and Alice Mirella Velásquez Castro is the Chief Executive Officer. The CEO reports directly to the Chairman and board members on relevant and critical matters for the business.

The CFO is not disclosed in available sources. The 2024 financial statements were authorised for presentation to the Annual General Meeting on 14 February 2025.

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The money, in plain words

At December 2024, the group’s net profit reached S/94 million (US$28 mn) — a 14.96% rise year-on-year, driven by a 1.24% lift in revenues, mainly from stronger mining-sector demand, partially offset by slower bank activity. That works out to about 21.7 cents of profit kept from every sol of sales — a net profit margin of ~21.7%, exceptional for a transport business (our calculation).

The group generated an operating cash flow proxy (EBITDA) of S/213.7 million (US$63 mn) in 2024, up from S/200.1 million (US$59 mn) in 2023, with the EBITDA margin rising to 49.23% — meaning nearly half of every sol earned before interest, tax and wear-and-tear flows straight to the operating line. For every sol of equity owners have put in, the business earned about 11.7 back annually — a return on equity of ~11.7% (our calculation), modest but steady for a capital-intensive fleet operator.

Total consolidated assets at end-2024 stood at S/1.55 billion (~US$455 million), with equity of S/804 million (US$236 mn) and total liabilities of S/743 million (US$219 mn). A material portion of equity reflects intangible assets — goodwill and customer relationships from the 2020 CVC acquisition — which represented 65.5% of book equity; stripping those out, the leverage ratio would rise to 2.23 times.

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What it is doing now

In May 2026, three shareholders — Maiz Jersey Limited (CVC), the Fideicomiso de Osma and the Grupo Wiese — signed a Takeover Offer Agreement (TOA) with Loomis Holder Spain S.L.U., obligating the Swedish company to launch a full public tender offer for 100% of Hermes shares. The deal values the company at S/1,450 million (roughly US$427 million) on a debt-free, cash-free basis, a multiple of 6.6 times adjusted 2025 EBITDA.

The tender offer is expected to launch in the second or third quarter of 2026, with closing targeted in the third quarter. For context, 2025 consolidated revenues came in at S/432.8 million (US$127 mn), a slight -0.3% dip, while net profit fell 6.9% to S/87.4 million (US$26 mn) — a softer year, though not enough to derail the deal.

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What to watch

• OPA timing and price: Loomis has committed to acquire up to 100% of shares; the 99.49% majority sellers are bound to support and accept. The main risk is regulatory approval, not price resistance.
• Revenue mix: The financial sector, historically the biggest client group, contracted in 2024 due to bank operational efficiencies, while mining picked up the slack. If both trends persist, margins could narrow.
• Leverage after intangibles: With goodwill stripped from equity, effective leverage sits at 2.23 times, a real constraint on balance-sheet flexibility. A new owner absorbing that stack will need a clear refinancing plan.
• Delisting: If Loomis succeeds in acquiring 100%, Hermes would likely be taken private and exit the BVL, ending public reporting obligations.

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This is news, not investment advice.