Security solutions provider Brink’s has acquired PAI, the largest privately-owned ATM service provider in the US, for US$213 million.
“Strategy 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,” Doug Pertz, president and CEO of Brink’s, said in a press release on Tuesday, April 6. “PAI brings a strong management team led by David Dove, robust technology and a scalable, asset-light business model that complements our existing capabilities.”
“Our mission is to make the management of ATMs easy and efficient, and by extension, provide a reliable way to keep cash within arm’s reach for consumers,” David Dove, CEO of PAI, said in the announcement. “Our management team looks forward to making a substantial contribution to the growth and transformation of Brink’s.”
PAI’s revenue is anticipated to reach about US$320 million, with an adjusted EBITDA of roughly US$30 million, per the release. The company is expected to add US$240 million of revenue and US$22 million of adjusted EBITDA this year.
Newly headquartered in Dallas, Texas, PAI was founded in De Pere, Wisconsin in 1983 by Michael P. Kiley, and has a workforce of 225 people in three main US regions and a dozen field offices. It is the country’s largest, privately-held provider of ATM tools and services and handles over 100,000 ATMs.
Brink’s was founded more than 100 years ago in Richmond, Virginia by Perry Brink. The acquisition was financed with a mix of cash on hand and the company’s existing credit facility. Brink’s stated its Strategy 2.3 includes extending ATM solutions integrated with the company’s other tools to offer end-to-end cash management.
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