The Brink’s Company has snapped up PAI, the largest privately-held provider of ATM services in the US, in a transaction worth $213m.
The acquisition is said to support Brink’s “Strategy 2.3” in North America, which is to offer ATM solutions along with the firm’s other solutions for end-to-end cash management.
It will offer cash management giant Brink’s a platform of ATM services and over 100,000 ATM service locations in the US.
PAI is expected to provide around $30m of adjusted EBITDA in 2021.
Brink’s, a US-based cash management firm, funded the deal with a combination of cash reserves and credit facility.
The deal is said to offer Brink’s a more “complete and technology-rich” range of bundled ATM services to banks, credit unions and retailers in the US.
PAI CEO David Dove said: “We are exceptionally happy to join Brink’s and look forward to accelerating its execution of Strategy 2.3 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.”
PAI provides managed services and tools for ATM owner-operators as well as PAI-owned ATMs.
Among these tools are its SaaS-based technology platform (AMP+), with core services including remote device management, transaction processing, bank sponsorship, among others.
Newly based in Dallas, Texas, PAI has staff headcount of 225 in three major US locations and another 12 field locations.
Brink’s president and CEO Doug Pertz said that the firm anticipates the deal to offer “significant revenue synergies and some operational cost synergies” over the coming years.
Pertz noted: “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.
“With PAI, Brink’s now offers total cash management solutions across the cash ecosystem. In addition, the acquisition provides cross-selling opportunities for PAI and Brink’s.”
Last year, Brink’s agreed to acquire AIB’s network of more than 500 non-branch ATMs.