{"id":471469,"date":"2021-04-06T07:33:27","date_gmt":"2021-04-06T11:33:27","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=471469"},"modified":"2021-04-06T07:33:27","modified_gmt":"2021-04-06T11:33:27","slug":"brinks-acquires-largest-privately-owned-provider-of-atm-services-in-the-u-s","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/brinks-acquires-largest-privately-owned-provider-of-atm-services-in-the-u-s\/","title":{"rendered":"Brink\u2019s Acquires Largest Privately Owned Provider of ATM Services in the U.S."},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"center\">PAI Acquired for $213 Million, Expected to Generate Approximately $30 Million of Adjusted EBITDA in 2021<br \/>Provides Full Range of Managed Services for Approximately 100,000 ATMs<br \/>Adds Management Depth and Technology, Expands Brink\u2019s ATM Service Capabilities<br \/>Strengthens \u201cStrategy 2.3\u201d Platform in North America<\/p>\n<p>RICHMOND, Va., April  06, 2021  (GLOBE NEWSWIRE) &#8212; The Brink\u2019s Company (NYSE: BCO), the global leader in total cash management, route-based secure logistics and payment solutions, today announced its acquisition of PAI, Inc., the largest privately-held provider of ATM services in the U.S., for $213 million. On a current full-year basis, PAI is expected to generate revenue of approximately $320 million and adjusted EBITDA of approximately $30 million. Given the acquisition\u2019s closing date of April 1, PAI is expected to add approximately $240 million of revenue and $22 million of adjusted EBITDA to the company\u2019s 2021 results and is expected to be accretive this year. Based in its new headquarters in Dallas, Texas, PAI employs 225 people across three major U.S. locations and another 12 field locations. The acquisition was financed using available cash and the company\u2019s existing credit facility.<\/p>\n<p>PAI offers a full range of managed services and tools for ATM owner-operators and PAI-owned ATMs, including its SaaS-based technology platform (AMP+), which maximizes ATM network performance and provides real-time visibility. PAI\u2019s field services are built around its VTS (Vantage Technical Services) cash management and maintenance solution for ATM devices. Core services include remote device management, transaction processing, bank sponsorship, technology updates and product development. PAI maintains its own software development and services team in Billings, Montana.<\/p>\n<p>\n        <strong>Strategic Rationale<\/strong><br \/>\n        <br \/>A primary goal of Brink\u2019s Strategy 2.3 is to offer ATM solutions integrated with other Brink\u2019s solutions to provide complete, end-to-end cash management. PAI provides Brink\u2019s with a platform of proprietary ATM services and more than 100,000 ATM service locations in the U.S., accelerating its execution of Strategy 2.3 initiatives in North America. In Europe, Brink\u2019s has entered into agreements to take full ownership and provide managed services to financial institutions for more than 11,000 ATMs. With PAI\u2019s capabilities, Brink\u2019s will offer a more complete and technology-rich range of bundled ATM services to U.S. retailers, banks and credit unions through multi-year service contracts that generate recurring revenue streams.<\/p>\n<p>Doug Pertz, president and CEO of Brink\u2019s, said: \u201cStrategy 2.3 is all about delivering digital solutions that make full-service ATM management and outsourcing easier and more efficient for retailers, financial institutions and consumers. PAI brings a strong management team led by David Dove, robust technology and a scalable, asset-light business model that complements our existing capabilities.<\/p>\n<p>\u201cWith PAI\u2019s proprietary technology, Brink\u2019s 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. In addition, PAI currently offers Bitcoin purchasing at a select number of ATM locations.<\/p>\n<p>\u201cWith PAI, Brink\u2019s now offers total cash management solutions across the cash ecosystem. In addition, the acquisition provides cross-selling opportunities for PAI and Brink\u2019s. The acquisition of PAI demonstrates our strong commitment to transforming Brink\u2019s by offering comprehensive and innovative solutions that connect cash management to the digital economy.<\/p>\n<p>\u201cWe expect significant revenue synergies and some operational cost synergies from the acquisition over the next several years, and look forward to further discussing PAI\u2019s business and strategy when we release first-quarter earnings.\u201d<\/p>\n<p>David Dove, CEO of PAI, said: \u201cWe are exceptionally happy to join Brink\u2019s and look forward to accelerating its execution of Strategy 2.3 by building additional recurring and transaction-based revenue streams in the U.S. Our mission is to make the management of ATMs easy and efficient, and by extension, provide a reliable way to keep cash within arm\u2019s reach for consumers. We see this as critically important to the U.S. economy given the continued increase of cash in circulation. By way of example, in the first quarter, cash transactions from our fleet of 100,000 ATMs increased more than 15% on a \u2018same store\u2019 basis and more than 30% organically versus the year-ago quarter. In addition, total cash dispensed from our fleet increased more than 30% on a \u2018same store\u2019 basis and more than 50% organically versus the year-ago quarter. We expect our business platform, led by ATM portfolio management technology and VTS solutions, to scale nicely across the Brink\u2019s footprint. Our management team looks forward to making a substantial contribution to the growth and transformation of Brink\u2019s.\u201d<\/p>\n<p>\n        <strong>About The Brink\u2019s Company<\/strong><br \/>\n        <br \/>The Brink\u2019s Company (NYSE:BCO) is the global leader in total cash management, route-based secure logistics and payment solutions including cash-in-transit, ATM services, cash management services (including vault outsourcing, money processing and intelligent safe services), and international transportation of valuables. Our customers include financial institutions, retailers, government agencies, mints, jewelers and other commercial operations. Our global network of operations in 53 countries serves customers in more than 100 countries. For more information, please visit our website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=iz6jBXxB_N4AXvNKPeoaH6Z45LXSPUgditx2r7eLUXEID6eKVQAVOajnfP5eOrIl-ciVeI7l-pgTnjR-zl23dw==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.brinks.com<\/a> or call 804-289-9709.<\/p>\n<p>\n        <strong>About PAI<\/strong><br \/>\n        <br \/>PAI is the nation\u2019s largest, privately held provider of ATM portfolio management tools and services for more than 100,000 ATMs, including transaction processing, bank sponsorship, maintenance, cash-in-transit (CIT) servicing and AMP+, the company\u2019s market-leading technology. PAI\u2019s portfolio management tools offer the most visibility and control to maximize ATM portfolio effectiveness and profitability. For more information, please visit\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=BxhIuxJiJMNE21NwR52P-gpKcdVR-lxa4IEY1n_gcxMhWiznx-BTFn3LUWTvbXKeGDia1p-BoBB472aUadmXqOghxwB2wIBdcOhVQZsW6VLB_UNSaJ3KC9Drxq0heWKIwlyApV0-k-BTS-9NwOOMIsUCoGupcCWqEbZEC7KutBVQUd_jarNmUYNWf7WLy6DiwwZp50lll-FrvZ9WP59-1Tu1Zj1CmdR83wgeZ7ZkmEbv5LoGzWndocEC4UaMO6k2UGuftKpLyNbZIQXXhU6VVH3AigKB3iD8joggticFVlftR7_X9zO_NhJTWxLHJRxk\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">gopai.com<\/a>.<\/p>\n<p>\n        <strong>Forward-Looking Statements<\/strong><br \/>\n        <br \/>This release contains forward-looking information. Words such as \u201canticipate,\u201d \u201cassume,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201ctarget\u201d \u201cproject,\u201d \u201cpredict,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cbelieve,\u201d \u201cpotential,\u201d \u201cmay,\u201d \u201cshould\u201d and similar expressions may identify forward-looking information. Forward-looking information in these materials includes, but is not limited to: future results of the PAI business and the impact on Brink\u2019s results, acquisition-related synergies, and the addition of ATM customers in other markets. Forward-looking information in this document is subject to known and unknown risks, uncertainties and contingencies, which are difficult to predict or quantify, and which could cause actual results, performance or achievements to differ materially from those that are\u00a0anticipated.<\/p>\n<p>Forward-looking information in this document is subject to known and unknown risks, uncertainties and contingencies, which are difficult to predict or quantify, and which could cause actual results, performance or achievements to differ materially from those that are anticipated. These risks, uncertainties and contingencies, many of which are beyond our control, include, but are not limited to: our ability to improve profitability and execute further cost and operational improvement and efficiencies in our core businesses; our ability to improve service levels and quality in our core businesses; market volatility and commodity price fluctuations; seasonality, pricing and other competitive industry factors; investment in information technology (\u201cIT\u201d) and its impact on revenue and profit growth; our ability to maintain an effective IT infrastructure and safeguard confidential information; our ability to effectively develop and implement solutions for our customers; risks associated with operating in foreign countries, including changing political, labor and economic conditions, regulatory issues (including the imposition of international sanctions, including by the\u00a0U.S.\u00a0government), currency restrictions and devaluations, restrictions on and cost of repatriating earnings and capital, impact on the Company\u2019s financial results as a result of jurisdictions determined to be highly inflationary, and restrictive government actions, including nationalization; labor issues, including negotiations with organized labor and work stoppages; pandemics (including the ongoing COVID-19 pandemic and related impact to and restrictions on the actions of businesses and consumers, including suppliers and customers), acts of terrorism, strikes or other extraordinary events that negatively affect global or regional cash commerce;\u00a0 anticipated cash needs in light of our current liquidity position and the impact of COVID-19 on our liquidity; the strength of the\u00a0U.S.\u00a0dollar relative to foreign currencies and foreign currency exchange rates; our ability to identify, evaluate and complete acquisitions and other strategic transactions and to successfully integrate acquired companies; costs related to dispositions and product or market exits; our ability to obtain appropriate insurance coverage, positions taken by insurers relative to claims and the financial condition of insurers; safety and security performance and loss experience; employee and environmental liabilities in connection with former coal operations, including black lung claims; the impact of the Patient Protection and Affordable Care Act on legacy liabilities and ongoing operations; funding requirements, accounting treatment, and investment performance of our pension plans, the VEBA and other employee benefits; changes to estimated liabilities and assets in actuarial assumptions; the nature of hedging relationships and counterparty risk; access to the capital and credit markets; our ability to realize deferred tax assets; the outcome of pending and future claims, litigation, and administrative proceedings; public perception of our business, reputation and brand; changes in estimates and assumptions underlying critical accounting policies; the promulgation and adoption of new accounting standards, new government regulations and interpretation of existing standards and\u00a0regulations.<\/p>\n<p>This list of risks, uncertainties and contingencies is not intended to be exhaustive. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under \u201cRisk Factors\u201d in Item 1A of our Annual Report on Form 10-K for the period ended\u00a0December 31, 2020 and in our other public filings with the\u00a0Securities and Exchange Commission. The forward-looking information included in this document is representative only as of the date of this document and\u00a0The Brink\u2019s Company\u00a0undertakes no obligation to update any information contained in this\u00a0document.<\/p>\n<p>Contact: Investor Relations<br \/>804.289.9709<\/p>\n<p>\u00a0<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIxMTg0OCM0MTA2NzM3IzIwMTY5OTM=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/a593bf42-00fc-41c7-8faf-96396d09b9d4\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>PAI Acquired for $213 Million, Expected to Generate Approximately $30 Million of Adjusted EBITDA in 2021Provides Full Range of Managed Services for Approximately 100,000 ATMsAdds Management Depth and Technology, Expands Brink\u2019s ATM Service CapabilitiesStrengthens \u201cStrategy 2.3\u201d Platform in North America RICHMOND, Va., April 06, 2021 (GLOBE NEWSWIRE) &#8212; The Brink\u2019s Company (NYSE: BCO), the global leader in total cash management, route-based secure logistics and payment solutions, today announced its acquisition of PAI, Inc., the largest privately-held provider of ATM services in the U.S., for $213 million. On a current full-year basis, PAI is expected to generate revenue of approximately $320 million and adjusted EBITDA of approximately $30 million. Given the acquisition\u2019s closing date of April 1, PAI is expected to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/brinks-acquires-largest-privately-owned-provider-of-atm-services-in-the-u-s\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Brink\u2019s Acquires Largest Privately Owned Provider of ATM Services in the U.S.&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-471469","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Brink\u2019s Acquires Largest Privately Owned Provider of ATM Services in the U.S. - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/brinks-acquires-largest-privately-owned-provider-of-atm-services-in-the-u-s\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brink\u2019s Acquires Largest Privately Owned Provider of ATM Services in the U.S. - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PAI Acquired for $213 Million, Expected to Generate Approximately $30 Million of Adjusted EBITDA in 2021Provides Full Range of Managed Services for Approximately 100,000 ATMsAdds Management Depth and Technology, Expands Brink\u2019s ATM Service CapabilitiesStrengthens \u201cStrategy 2.3\u201d Platform in North America RICHMOND, Va., April 06, 2021 (GLOBE NEWSWIRE) &#8212; The Brink\u2019s Company (NYSE: BCO), the global leader in total cash management, route-based secure logistics and payment solutions, today announced its acquisition of PAI, Inc., the largest privately-held provider of ATM services in the U.S., for $213 million. On a current full-year basis, PAI is expected to generate revenue of approximately $320 million and adjusted EBITDA of approximately $30 million. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/brinks-acquires-largest-privately-owned-provider-of-atm-services-in-the-u-s\/","og_locale":"en_US","og_type":"article","og_title":"Brink\u2019s Acquires Largest Privately Owned Provider of ATM Services in the U.S. - Market Newsdesk","og_description":"PAI Acquired for $213 Million, Expected to Generate Approximately $30 Million of Adjusted EBITDA in 2021Provides Full Range of Managed Services for Approximately 100,000 ATMsAdds Management Depth and Technology, Expands Brink\u2019s ATM Service CapabilitiesStrengthens \u201cStrategy 2.3\u201d Platform in North America RICHMOND, Va., April 06, 2021 (GLOBE NEWSWIRE) &#8212; The Brink\u2019s Company (NYSE: BCO), the global leader in total cash management, route-based secure logistics and payment solutions, today announced its acquisition of PAI, Inc., the largest privately-held provider of ATM services in the U.S., for $213 million. On a current full-year basis, PAI is expected to generate revenue of approximately $320 million and adjusted EBITDA of approximately $30 million. Given the acquisition\u2019s closing date of April 1, PAI is expected to &hellip; Continue reading \"Brink\u2019s Acquires Largest Privately Owned Provider of ATM Services in the U.S.\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/brinks-acquires-largest-privately-owned-provider-of-atm-services-in-the-u-s\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-06T11:33:27+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIxMTg0OCM0MTA2NzM3IzIwMTY5OTM=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/brinks-acquires-largest-privately-owned-provider-of-atm-services-in-the-u-s\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/brinks-acquires-largest-privately-owned-provider-of-atm-services-in-the-u-s\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Brink\u2019s Acquires Largest Privately Owned Provider of ATM Services in the U.S.","datePublished":"2021-04-06T11:33:27+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/brinks-acquires-largest-privately-owned-provider-of-atm-services-in-the-u-s\/"},"wordCount":1559,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/brinks-acquires-largest-privately-owned-provider-of-atm-services-in-the-u-s\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIxMTg0OCM0MTA2NzM3IzIwMTY5OTM=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/brinks-acquires-largest-privately-owned-provider-of-atm-services-in-the-u-s\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/brinks-acquires-largest-privately-owned-provider-of-atm-services-in-the-u-s\/","name":"Brink\u2019s Acquires Largest Privately Owned Provider of ATM Services in the U.S. - 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