The deal will bring to Brink’s' portfolio “a platform of [automatic-teller-machine] services and more than 100,000 ATM service locations in the U.S. and Europe,” the company said in a statement.
Additionally, Brink's in Europe has entered agreements to own and provide managed services to financial institutions for more than 11,000 ATMs, Brink's said.
The Richmond, Va., cash-management and secure-logistics company said it closed the deal April 1, having funded it with cash on hand and its current credit lines.
Given that closing date, Brink's expects the deal to add $22 million of adjusted earnings before interest, taxes, depreciation and amortization and $240 million of revenue to its 2021 statements.
On a full-year basis, PAI, Dallas, should generate $30 million of adjusted Ebitda on about $320 million of revenue.
The acquisition is part of Brink's' strategy to offer ATM services integrated with other solutions to provide "end-to-end cash management," the company said.
The strategy aims to deliver "digital solutions that make full-service ATM-management and outsourcing easier and more efficient for retailers, financial institutions and consumers,” Brink’s' president and chief executive, Doug Pertz, said in a statement.
Brink's will offer "bundled ATM services to U.S. retailers, banks and credit unions through multiyear service contracts that generate recurring revenue streams," the company said.
PAI employs 225 people at three major U.S. locations and 12 field locations.
At last check Brink's shares were trading 2.5% higher at $82.32.