The Brink’s Co. purchases largest private ATM services provider for $213M

Henrico County-based The Brink’s Co. has purchased PAI Inc., the largest privately held ATM services provider in the nation, for $213 million, the company announced Tuesday. The closing date was April 1, and the acquisition was financed using available cash and Brink’s existing credit facility, according to a news release.

Brink’s, which offers secure cash transit mainly via armored trucks and other cash management services to companies in the financial, retail and jewelry industries, operates in 53 countries and serves customers in 100 countries, employing more than 62,000 people. In February, the company purchased the United Kingdom-based security and cash management company G4S plc for $860 million.

According to Tuesday’s statement, Brink’s expects to add about $240 million in revenue and $22 million of adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) from PAI to its 2021 results. On a full-year basis, PAI is anticipated to generate revenue of about $320 million and adjusted EBITDA of approximately $30 million.

PAI is based in Dallas and employs 225 people, and it offers services for ATMs it owns and those held by owner-operators, including an SaaS-based technology platform. PAI maintains a software development and services team in Billings, Montana.

According to Brink’s President and CEO Doug Pertz, the acquisition is part of the company’s Strategy 2.3 to expand Brink’s cash management offerings to ATMs. With the purchase, the company now has more than 100,000 ATMs in the U.S., and in Europe, the company has entered agreements to take full ownership and provide services for more than 11,000 ATMs.

“With PAI, Brink’s now offers total cash management solutions across the cash ecosystem. In addition, the acquisition provides cross-selling opportunities for PAI and Brink’s. 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,” Pertz said in a statement. He added that PAI offers bitcoin purchasing at some ATMs. “We expect significant revenue synergies and some operational cost synergies from the acquisition over the next several years, and look forward to further discussing PAI’s business and strategy when we release first-quarter earnings.”