Brink's to buy certain Group 4 Securicor assets
RICHMOND, Va. - The BrinkÃ¢â‚¬â„¢s Company, the parent company of BrinkÃ¢â‚¬â„¢s Home Security, signed an agreement to purchase security service operations from Group 4 Securicor in the beginning of February for Euro 29.5 million ($37.7 million).
The contract calls for subsidiaries of Brink's Inc. to purchase Securicor Luxembourg S.A., a provider of manned guarding, alarm monitoring and response, and cash transportation and processing services in Luxembourg, and Group 4 Falck Cash Services UK Ltd., a cash-in-transit and cash processing service provider to the financial and retail markets in Scotland and northwest England.
Scott Dudley, director of investor relations with the company, said BrinkÃ¢â‚¬â„¢s has been looking to expand its presence in foreign markets, as well as in North America.
Ã¢â‚¬Å“One of the strategies for BrinkÃ¢â‚¬â„¢s Inc. is to grow through selling more of our value added services and expanding geographically,Ã¢â‚¬Â Dudley said. Ã¢â‚¬Å“These agreements are a fit with that strategy.Ã¢â‚¬Â
The next step in the transaction is for BrinkÃ¢â‚¬â„¢s to receive approval from the European Commission - the same group that required Group 4 Securicor to sell off some of its assets after Group 4 Falck and Securicor merged in 2004 because of the combined entityÃ¢â‚¬â„¢s large market penetration.
Dudley said Securicor Luxembourg is the larger business of the two, but both businesses assist in expanding on BrinkÃ¢â‚¬â„¢s significant presence in Europe.