Brink's buys back into integration
RICHMOND, Va.—The Brink’s Company announced Sept. 4 that it has acquired a majority stake in ICD Limited, a provider of commercial security integration services in the Asia-Pacific region, with U.S. offices in Florida. According to a release, the company employs approximately 200 people and had 2008 revenue of $12 million. Terms of the transaction were not disclosed.
The Brink’s Company is the former parent company of Brink’s Home Security, now Broadview Security. As part of the spin-off agreement, The Brink’s Company has a five-year non-compete agreement with Broadview Security. While ICD is clearly a systems integration company and Broadview is primarily a residential security company, roughly five- to 10 percent of Broadview’s business comes from commercial work.
Ed Cunningham, spokesman for The Brink’s Company, confirmed that ICD does have a small office in Boynton Beach, Fla.
“The purpose of that office is to support the company’s efforts, which are largely focused on serving U.S.-based customers in the Asia-Pacific region,” he said. “The activities of this office do not conflict with our non-compete agreement with BHS/Broadview.”
Asked if Broadview viewed this as a violation of the non-compete agreement, a source within Broadview Security said, “We don’t really know the size of the ICD North American systems integration business and we don’t know what BCO’s plans are for that office.”
Michael T. Dan, chairman, president and chief executive officer of The Brink’s Company, released this statement: “The Brink’s brand is an international symbol of trust and security, and penetrating new security-related markets is an important element of our long-term growth strategy. ICD gives Brink’s an entry point into Asia’s fast-growing commercial security market and supplements our existing presence in the region. It also provides immediate access to an impressive list of multinational clients that are expanding throughout Asia.”
Security Systems News wrote about ICD’s opening of U.S. offices in early 2008. You can read the article here.
At the time, Dwight Schnirman, head of ICD Americas, cited compound annual growth of 46 percent between 2001 and 2006 for the company. Attempts to contact Schnirman this week were unsuccessful.