The Brink’s Company announced its $213 million acquisition of PAI, Inc., the largest privately-held provider of ATM services in the U.S.
With an acquisition closing date of April 1, PAI is expected to add approximately $240 million of revenue and $22 million of adjusted EBITDA to the company’s 2021 results, according to a press release.
“With PAI’s proprietary technology, Brink’s is now uniquely positioned to offer U.S. customers a complete range of ATM services, including full-service outsourcing, which increases the value of their ATM networks. In addition, PAI currently offers Bitcoin purchasing at a select number of ATM locations,” Doug Pertz, president and CEO of Brink’s said in the release.
Headquartered in Dallas, Texas, PAI employs 225 people across three major U.S. locations and another 12 field locations. The acquisition was financed using available cash and the company’s existing credit facility.
A primary goal of Brink’s strategy is to offer ATM solutions integrated with other Brink’s solutions to provide complete, end-to-end cash management. PAI provides Brink’s with a platform of proprietary ATM services and more than 100,000 ATM service locations in the U.S., accelerating its execution of strategy initiatives in North America.
“We are exceptionally happy to join Brink’s and look forward to accelerating its execution of strategy…by building additional recurring and transaction-based revenue streams in the U.S. 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. We see this as critically important to the U.S. economy given the continued increase of cash in circulation.” David Dove, CEO of PAI, said in the release.