Brink to Acquire Dunbar Armored

CLEVELAND, June 5, 2018

On May 31, the Brink’s Company agreed to acquire Dunbar Armored Incorporated (Hunt Valley MD) for $520 million. This deal, which is expected to close by the end of 2018, will combine the second and fourth largest cash-in-transit firms.

According to Brink’s, “the acquisition will expand and differentiate Brink’s customer base with Dunbar’s complementary focus on small-to-medium sized retailers and financial institutions.”

This transaction is part of Brink’s ongoing efforts to make acquisitions that allow it to expand in core areas in its existing geographic markets. This purchase, coupled with the acquisition of Brazil’s Rodoban announced in January, will cover more than 85% of the $800 million Brink’s planned to invest in such acquisitions in 2018 and 2019.

According to Freedonia Group analyst Jennifer Mapes-Christ, “The US market for cash-in-transit and related services is highly concentrated, with the top four service providers accounting for nearly three-quarters of all revenue. Barring any divestitures required by regulators, this purchase will likely propel Brink’s to the leading position in the US market.”

Furthermore, she notes, “Barriers to entry are higher in this segment than in other types of security services. These include the technology costs associated with the armored transport vehicles, communications systems, tracking devices, and advanced safes; high insurance premiums; and the need for armed guards who are not only more difficult to hire than unarmed guards, but more expensive to train and retain.”

Mapes-Christ adds, “Additionally, the well-established brands of the market leaders help; with the liability risks surrounding security mishaps, most business, government, and institutional clients are extremely sensitive to vendor reputations. Brink’s and Dunbar are among those well-known brands.”

She continues, “However, the need for companies to be flexible is increasing. In response to changes in traditional cash handling resulting from rising e-commerce and cashless transactions, service providers have invested in areas such as secured logistics as well as value-added cash management and ATM services.”

Additional analysis of the private security industry can be found in the following Freedonia reports: Global Security Services Market and Private Security Services in the US. For more information on these and other security industry studies, please see Freedonia’s Security segment.

About The Freedonia Group

The Freedonia Group, a division of, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information.