Brink’s to acquire Rodoban, a cash handling operator in Brazil
Completed and Pending Acquisitions to Date Expected to Add $90 Million of Adjusted EBITDA in 2019
Brink’s, a U.S. based global leader in cash management, secure logistics and security solutions, announced on Wednesday (Jan. 10) that it has agreed to purchase Brazil-based Rodoban for approximately $145 million in cash. The acquisition, which is subject to customary closing conditions including approval by the Brazilian antitrust authority, is expected to close in the second quarter of 2018.
Based in the state of Minas Gerais, Rodoban provides cash-in-transit, money processing and ATM services primarily to customers in southeastern Brazil. The company generates annual revenue of approximately $80 million.
Doug Pertz, Brink’s president and chief executive officer, said: “The Rodoban acquisition is another demonstration of our commitment to accelerating profitable growth by making acquisitions in core businesses in existing markets. Once completed, we expect this transaction to be accretive to net income within 12 months. We have a strong pipeline of additional targets, and plan to invest approximately $400 million per year to acquire similar businesses in 2018 and 2019.
“The integration of Rodoban with our current operations will expand our service reach, improve route density and yield other significant cost synergies. We will move quickly to achieve these cost and operational efficiencies, which we expect to result in a post-synergy purchase multiple of approximately six times.”
About The Brink’s Company
The Brink’s Company (NYSE:BCO) is the global leader in cash management, 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.
(Source: Globe Newswire)