Brink’s to Acquire Cash Management Operations in Argentina for $209M


RICHMOND, Va., July 13, 2017 (GLOBE NEWSWIRE) -- The Brink’s Company (NYSE:BCO), the global leader in cash management, secure logistics and security solutions, today announced that it has agreed to a cash purchase of Maco Transportadora de Caudales S.A. for approximately $209 million, with the final purchase price subject to post-closing adjustments and foreign exchange translation. The transaction is expected to close within 30 days, subject to customary closing conditions. Based in Buenos Aires, Maco’s cash-in-transit and money processing operations will be integrated with Brink’s existing operations in Argentina. Over the last 12 months, Maco generated revenue of approximately $90 million and adjusted EBITDA of approximately $24 million.

Doug Pertz, Brink’s president and chief executive officer, said: “Accelerating profitable growth through accretive acquisitions is a key element of our three-year strategic plan. This acquisition clearly demonstrates our commitment to executing on that plan in South America, our fastest growing and most profitable segment. We will move quickly to achieve substantial cost synergies over the next two years, resulting in an expected post-integration multiple of approximately six times adjusted EBITDA.”

The acquisition is expected to be significantly accretive to net income in 2019, and slightly accretive in 2017. Management will update its 2019 targets, including the impact of acquisitions, when it reports second-quarter earnings on July 26.

Pertz added: “We’re making significant progress in our strategy to grow through acquisitions in our core businesses and existing markets, and we have a robust pipeline of additional targets that we are actively exploring. We are well-positioned, and have the financial flexibility, to pursue value-creating acquisitions as we simultaneously invest in organic profit growth initiatives.”

About The Brink’s Company

The Brink’s Company (NYSE:BCO) is the world’s premier provider of secure logistics and security solutions including cash-in-transit, ATM services, cash management services (including vault outsourcing, money processing and intelligent safe services), international transportation of valuables, and payment services. Our customers include financial institutions, retailers, government agencies, mints, jewelers and other commercial operations. Our global network of operations in 40 countries serve customers in more than 100 countries. For more information, please visit our website at or call 804-289-9709.

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