RICHMOND, Va., April 06, 2020 (GLOBE NEWSWIRE) -- The Brink’s Company (NYSE: BCO), the global leader in total cash management, route-based secure logistics and payment solutions, today announced that it has completed its acquisition of G4S plc (LSE: GFS) cash operations in the Netherlands, Belgium, Ireland and Hong Kong. On March 9, Brink’s completed its previously disclosed acquisition of G4Si, a global provider of secure logistics and storage services. On March 10, the company sold G4Si’s U.K.-based operations, which had 2019 revenue of less than $10 million.
On February 26, Brink’s announced the planned acquisition of G4S cash operations in 17 markets, with closings planned in multiple phases throughout 2020. Based on favorable currency translation and other positive adjustments, the company expects to pay approximately $835 million for the entire transaction, including approximately $420 million to complete the remaining transactions in 13 markets.
In 2019, the G4S businesses being acquired generated combined pro forma revenue of approximately $800 million and adjusted EBITDA of approximately $115 million, more than 50 percent of which is attributable to the acquisitions completed to date. When the entire acquisition is completed and fully integrated, management expects to achieve annualized cost-based synergies of approximately $20 million. Approximately 90 percent of these cost synergies are related to the businesses acquired to date and are expected to be achieved by the end of 2020.
The acquisition is being financed with cash and debt from the company’s existing credit facility. Upon completion of the entire transaction, which is expected to add more than $135 million in annualized EBITDA, Brink’s expects to have approximately $800 million of remaining liquidity.
Doug Pertz, president and chief executive officer of Brink’s, said: “Adding these important markets to our global footprint provides new platforms for growth and reinforces our leadership position in the global cash ecosystem. We welcome our new employees and look forward to serving our new customers. Our team looks forward to implementing our proven Strategy 1.0 organic growth initiatives, supplemented by the introduction of new high-margin, less capital-intensive solutions that are an integral part of Strategy 2.0 and our 3-year plan. Together, we will navigate the near-term uncertainties of the Covid-19 pandemic, prioritizing the health and safety of our employees and customers. I am confident that we will emerge in a strong position to execute our strategic initiatives and drive additional revenue and profit growth.”
About The Brink’s Company
The Brink’s Company (NYSE:BCO) is the global leader in total cash management, secure route-based 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 42 markets serves customers in more than 100 countries. For more information, please visit our website at www.Brinks.com or call 804-289-9709.
