Brink’s Co. has completed it acquisition of Hunt Valley-based Dunbar Armored Inc. for $520 million in cash, boosting the reach of the global leader in cash management and secure transportation logistics — also known as armored cars.
Brink’s purchase of its smaller rival ends Dunbar’s 95-year run. The company traces its roots to 1923 in New England, when a family member started the armored car company Mercer and Dunbar. James L. Dunbar started Federal Armored Express in Baltimore in 1956 and later added security guard and cash vault services, alarm systems, ATM cash management systems and other services.
Brink’s said Dunbar, the fourth biggest U.S. company of its kind with $390 million in annual revenue, would increase its income and allow for more efficient service.
Brink’s plans to save up to $45 million annually through administrative, route and branch efficiencies realized over three years. Officials did not say if they planned layoffs among Dunbar’s 5,400 employees nationwide, including about 800 in Maryland as of 2015. Brinks, headquartered in Richmond, Va., did say it would invest $50 million in Dunbar’s network of 78 branches and its fleet of about 1,600 trucks.
“We welcome the Dunbar employees into the Brink's family, and look forward to a rapid integration of these two great companies so that we can accelerate our efforts to drive substantial revenue and profit growth in our combined U.S. operations,” said Doug Pertz, Brink's president and CEO, in a statement.