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Brink s buys ATM services player PAI 3 hours ago
Source: The Brink’s Company The Brink’s 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’s closing date of April 1, PAI is expected to add approximately $240 million of revenue and $22 million of adjusted EBITDA to the company’s 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
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18%
(a) The non-GAAP financial metric, adjusted EBITDA, is presented with its corresponding GAAP metric, net income attributable to Brink s.
(b) Constant currency represents 2020 results at 2019 exchange rates.
Doug Pertz, president and chief executive officer, said: Our fourth-quarter results clearly demonstrate the resiliency of our business, the persistent strength of cash usage around the world, and our strong rebound from the pandemic bottom. Despite the pandemic s continued impact on near-term revenue, we expect strong growth in our financial results as we move through 2021, with revenue and profit growth continuing to accelerate, especially in the second half. Our confidence is based on continued retail recovery from pandemic lows, the realization of full-year benefits from the G4S acquisitions, and the sustainability of our cost reductions.