G4S Acquisitions
10-K - Feb 29, 2024
On February 26, 2020, we announced that we agreed to acquire the majority of the cash management operations of U.K.-based G4S, with closings planned in multiple phases in 2020. In March 2020, we ac...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Brink’s Co.
BCOActiveCIK 78890 · Business Services & Route-Based
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, BCO filings, SEC EDGAR
$4,415
Market cap ($MM)
$6,786
Enterprise value ($MM)
$5,390
Revenue · LTM ($MM)
$878
EBITDA · LTM ($MM)
16%
EBITDA margin
1.3x
EV / revenue
7.7x
EV / EBITDA
3.0x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01BCO is a scaled public consolidator in Route-Based, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is CTAS, ROL, ARMK, BRO, ABM, WSC.
Balance sheet & capacity
Indicative capacity read: 3.0x net debt / EBITDA with EBITDA of $878MM.
$1,547
Cash & equiv. ($MM)
$4,156
Total debt ($MM)
$2,609
Net debt ($MM)
3.0x
Net debt / EBITDA
Valuation
Where it trades against its peer set
BCO versus the scaled public Business Services & Route-Based comparables.
Indexed share-price performance
BCO versus available Business Services & Route-Based peers and SPY.
+42%
BCO
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Brink’s Co. | BCO | $5,390 | $878 | 16% | $4,415 | $6,786 | 1.3x | 7.7x | 3.0x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
BCO's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
87
Active years
16
Named deals
10
Avg / active year
5.4
Acq. cash outflow ($MM)
N/A
Banker read
- 01BCO reads as a programmatic acquirer: 87 disclosed acquisitions across 16 active years, or 5.4 per active year. The chart shows activity in 10 of the last 12 visible years.
- 02In the last three years, the file shows 5 acquisitions versus 4 in the prior three; recent activity is running above the prior three-year period.
- 03Spend changes the read: $2.1B of disclosed spend is concentrated in lumpy years, with FY18 the largest year at $521MM. Recent spend is below the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
BCO count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
5 / 4
Last three years is up 25% vs prior three.
Peak count year
FY18
8 disclosed acquisitions in the peak visible year.
Recent spend
$26.6MM
is down 97% vs prior three; peak FY18 at $521MM.
Named evidence
10 rows
11% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Feb 26, 2020 | G4S International Logistics Group Limited and multiple cash management operations of G4S | Business services and route-based compounders | $826 | On February 26, 2020, we announced that we agreed to acquire the majority of the cash management operations of U.K.-based G4S, with closings planned in multiple phases in 2020.... | 10-K† |
| Feb 26, 2020 | G4S cash management operations | Business services and route-based compounders | $826 | On February 26, 2020, we announced that we agreed to acquire the majority of the cash management operations of G4S, with closings planned in multiple phases. In 2020, we acquire... | 10-K† |
| Feb 26, 2020 | G4S plc | Business services and route-based compounders | $826 | On February 26, 2020, we announced that we agreed to acquire the majority of the cash management operations of U.K.-based G4S, with closings planned in multiple phases in 2020.... | 10-K† |
| Feb 26, 2020 | G4S plc | Business services and route-based compounders | $826 | We previously announced the acquisition of the majority of the international cash operations of U.K.-based G4S plc ("G4S") which was substantially completed as of December 31, 2... | 10-K† |
| Feb 26, 2020 | G4S International Logistics Group Limited | Business services and route-based compounders | $826 | On February 26, 2020, we announced that we agreed to acquire the majority of the cash management operations of G4S, with closings planned in multiple phases in 2020. In March 20... | 10-K† |
| Dec 31, 2020 | G4S plc | Business services and route-based compounders | $710 | On February 26, 2020, we announced that we agreed to acquire the majority of the cash management operations of G4S, with closings planned in multiple phases in 2020. In March 20... | 10-K† |
| Feb 26, 2020 | G4S plc | Business services and route-based compounders | $710 | On February 26, 2020, we announced that we agreed to acquire the majority of the cash management operations of U.K.-based G4S, with closings planned in multiple phases in 2020.... | 10-K† |
| Aug 13, 2018 | Dunbar Armored, Inc. | Business services and route-based compounders | $547 | On August 13, 2018, we acquired 100% of the shares of Dunbar for approximately $547 million, subject to a working capital adjustment. The Dunbar business is being integrated wit... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 5 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
19
Named deal filings
5
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.19 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 26, 2026 | Annual M&A 10-K | warning (1 warn) | N/A | $6.0MM | N/A | SEC filing |
| FY2024 | Feb 26, 2025 | Annual M&A 10-K | accepted | 3 | $19.1MM | $27.0MM | SEC filing |
| FY2023 | Feb 29, 2024 | Annual M&A 10-K | quarantined (1 issue) | 2 | $1.5MM | $194MM | SEC filing |
| FY2022 | Mar 1, 2023 | Annual M&A 10-K | warning (1 warn) | 2 | $174MM | $209MM | SEC filing |
| FY2021 | Feb 28, 2022 | Annual M&A 10-K | accepted | 2 | $313MM | $1.1B | SEC filing |
| FY2020 | Mar 1, 2021 | Annual M&A 10-K | accepted | 18 | $440MM | $710MM | SEC filing |
| FY2019 | Feb 28, 2020 | Annual M&A 10-K | accepted | 4 | $184MM | $184MM | SEC filing |
| FY2018 | Feb 26, 2019 | Annual M&A 10-K | accepted | 8 | $521MM | $909MM | SEC filing |
| FY2017 | Mar 1, 2018 | Annual M&A 10-K | accepted | 6 | $225MM | $365MM | SEC filing |
| FY2016 | Feb 24, 2017 | Annual M&A 10-K | warning (1 warn) | N/A | $0.7MM | N/A | SEC filing |
| FY2015 | Feb 29, 2016 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2014 | Mar 5, 2015 | Annual M&A 10-K | accepted | 1 | $4.6MM | $27.7MM | SEC filing |
| FY2013 | Feb 28, 2014 | Annual M&A 10-K | accepted | 1 | $18.1MM | $27.7MM | SEC filing |
| FY2012 | Feb 28, 2013 | Annual M&A 10-K | accepted | 1 | $17.2MM | $17.0MM | SEC filing |
| FY2011 | Feb 28, 2012 | Annual M&A 10-K | warning (1 warn) | 0 | $3.0MM | N/A | SEC filing |
| FY2010 | Feb 28, 2011 | Annual M&A 10-K | accepted | 4 | $101MM | $100MM | SEC filing |
| FY2009 | Feb 25, 2010 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 5 | $74.6MM | $103MM | SEC filing |
| FY2008 | Mar 2, 2009 | Annual M&A 10-K | quarantined (1 issue) | N/A | $11.7MM | $11.7MM | SEC filing |
| FY2007 | Feb 27, 2008 | Annual M&A 10-K | quarantined (1 issue) | N/A | $13.4MM | $13.4MM | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.5 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 29, 2024 | 10-K | G4S International Logistics Group Limited and multiple cash management operations of G4S; PAI Midco, Inc. | Annual M&ANamed deals | SEC filing |
| Mar 1, 2023 | 10-K | G4S cash management operations; PAI Midco, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 28, 2022 | 10-K | G4S plc; G4S International Logistics Group Limited | Annual M&ANamed deals | SEC filing |
| Mar 1, 2021 | 10-K | G4S plc | Annual M&ANamed deals | SEC filing |
| Feb 26, 2019 | 10-K | Dunbar Armored, Inc. | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
G4S cash management operations
10-K - Mar 1, 2023
On February 26, 2020, we announced that we agreed to acquire the majority of the cash management operations of G4S, with closings planned in multiple phases. In 2020, we acquired multiple businesse...
G4S acquisitions
10-K - Feb 28, 2022
On February 26, 2020, we announced that we agreed to acquire the majority of the cash management operations of U.K.-based G4S, with closings planned in multiple phases in 2020. In March 2020, we ac...
G4S plc cash operations acquisitions
10-K - Feb 28, 2022
We previously announced the acquisition of the majority of the international cash operations of U.K.-based G4S plc ("G4S") which was substantially completed as of December 31, 2020. During 2021, we...
G4S cash management operations acquisition
10-K - Feb 28, 2022
On February 26, 2020, we announced that we agreed to acquire the majority of the cash management operations of G4S, with closings planned in multiple phases in 2020. In March 2020, we acquired 100%...
Majority of the cash operations of G4S plc
10-K - Mar 1, 2021
On February 26, 2020, we announced that we agreed to acquire the majority of the cash management operations of G4S, with closings planned in multiple phases in 2020. In March 2020, we acquired 100%...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.