The Brink’s Co., the Henrico County-based company that provides secure transportation, logistics and cash management globally, said Tuesday it has acquired the largest privately held provider of ATM services in the U.S. for $213 million.
The acquisition comes as Brink’s, which is best known for operating a large fleet of armored trucks that transport cash and valuables in countries around the world, adjusts its business model to the increasing use of electronic cash transactions.
Brink’s said its acquisition of Dallas-based PAI Inc. is expected to add about $240 million of revenue and $22 million of adjusted operating profits to Brink’s 2021 results, given the closing date of April 1. On a full-year basis in 2021, PAI is expected to generate about $320 million of revenue.
The Brink’s Co. has about 100 employees in the Richmond region. The company has operations in more than 50 countries and serves customers in about 100 countries with about 77,000 employees.
PAI employs about 225 people at three U.S. locations and another 12 field offices. The acquisition was financed using available cash and the company’s existing credit facility.
The latest deal adds to The Brink’s Co.’s acquisition in early 2020 of United Kingdom-based G4S plc, a global security and cash management company, for $860 million, which was the largest acquisition in The Brink’s Co.’s 160-year history.
With the PAI acquisition, Brink’s “now offers total cash management solutions across the cash ecosystem,” said Doug Pertz, the president and CEO of Brink’s, in a statement.
“In addition, the acquisition provides cross-selling opportunities for PAI and Brink’s,” Pertz said. “The acquisition of PAI demonstrates our strong commitment to transforming Brink’s by offering comprehensive and innovative solutions that connect cash management to the digital economy.”
“With PAI’s proprietary technology, Brink’s is now uniquely positioned to offer U.S. customers a complete range of ATM services, including full-service outsourcing, which increases the value of their ATM networks,” Pertz said. “In addition, PAI currently offers Bitcoin purchasing at a select number of ATM locations.”
Shares in Brinks rose $1.11, or 1.38% to close at $81.40.