Brink's acquires biggest privately held provider of ATM services in U.S. PAI Inc.
The Brinks Co. said Tuesday it has acquired PAI Inc., the biggest privately held provider of ATM services in the U.S., for $213 million. PAI is expected to generate revenue of about $320 million in a currently full-year basis, Brinks said in a statement. The cash management and cash-in-transit company said given the deal's closing date of April 1, it expects PAI to add about $%240 million of revenue to the company's 2021 results and is expected to boost earnings. The Dallas, Texas-based company has 225 employees at three U.S. locations and another 12 field locations. Brink's financed the deal using cash on hand and its available credit facility. "A primary goal of Brink's Strategy 2.3 is to offer ATM solutions integrated with other Brink's solutions to provide complete, end-to-end cash management," the company said. The deal brings the company a platform of ATM services and more than 100,000 ATM service locations in the U.S. In Europe, Brink's will take full ownership and provide managed services to financial institutions for more than 11,000 ATMs. Brink's shares were not active premarket, but have gained 12% in the year to date, while the S&P 500 has gained 8.6%.
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