Brink’s buys Mexican secure logistics company for $60m
The Brink’s Company has announced the acquisition of Servicio Pan Americano de Proteccion SA de CV (SPP) for approximately $60 million. With annual revenue of approximately $385 million, SPP is the largest secure logistics company in Mexico, where the CIT (cash-in-transit) market is the fifth largest in the world, with total revenue estimated at $900 million. SPP has 80 branches and 1,350 armoured vehicles across its nationwide network of CIT, ATM and money processing operations. Brink’s, which has owned a 21% stake in SPP since 1965, acquired approximately 79% of SPP from a consortium of multinational banks through its existing Mexican ownership structure. In compliance with Mexican law, 0.25% of SPP will continue to be owned by a Mexican company. Michael Dan, chairman, president & CEO of Brink’s, said: "SPP is an excellent strategic fit within our Latin American region, which includes our fastest growing and most profitable operations. With this acquisition, Brink’s is now the largest secure logistics company in one of the world’s largest CIT markets, a market that values security and has solid growth potential as Mexico’s economy continues to develop." Dan added that Brink’s will invest to improve operating efficiency and expand SPP’s portfolio of services. He also pointed out that having a broad geographic footprint in Mexico enables Brink’s to expand its Global Services network and introduce other high-value services. Quelle: eyefortransport |