Garda adds two U.S. firms to cash-handling biz

SSN Staff  - 
Thursday, September 14, 2006

MONTREAL--Garda World Security announced Sept. 11 the acquisition of two U.S.-based cash-handling firms, which they say makes them the leading provider of that service in the Midwestern United States.
By adding St. Louis-based Security Armored Car Service and Kansas City-based PSI Armored, Garda's cash-handling division will now top $100 million in annual revenues, with more than 1,200 employees working in 38 branches located in Illinois, Wisconsin, Iowa, Indiana, Montana, Wyoming, Utah, Idaho, Washington, Colorado, Nevada, North Dakota, Oregon and Nebraska.
A company spokesperson indicated there was a third U.S. cash-handling firm that might be acquired soon, and that the company's goal is to compete with Group 4/Securicor and Brink's for the international cash-handling market.
Overall, Garda World on Sept. 12 released financial results for the second quarter that show a nearly 200 percent growth in sales, year to year, and a 60 percent increase in net earnings, to $5 million over the past three months. Cash flows from operations increased 100 percent, to $8.7 million.
Over the past year, Garda has also made attention-grabbing purchases of private security firms Vance International and Rentokil Initial's Canadian security division, along with integrator/guarding firm Intertec.