STRATEGIC PARTNERS
January 24, 2018
The Brink's Company, a provider of cash management, secure logistics and security solutions, has agreed to purchase Brazil-based Rodoban for approximately $145 million in cash.
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.
"The integration of Rodoban with our current operations will expand our service reach, improve route density and yield other significant cost synergies," Brink's President and CEO Doug Pertz said in the release. "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."
Pertz said that Brink's has "a strong pipeline" of additional acquisition targets and plans to invest approximately $400 million per year to acquire similar businesses in 2018 and 2019.
The acquisition of Rodoban, which is subject to approval by the Brazilian antitrust authority, is expected to close in the second quarter. The company will be the seventh acquisition for Brink's since March of 2017 for a total expenditure of approximately $515 million.
