Brink's Pays $50 Million For Brazilian Security Co Sebival
January 08 2009 - 2:33PM
Dow Jones News
Brink's Co. (BCO) Thursday said it has bought Brazilian security
services company Sebival-Seguranca Bancaria Industrial e de Valores
Ltda and one of its units for about $50 million.
In a press release, the Virginia-based security-services company
said Sebival is a leading provider of cash-in-transit and
payment-processing services in mid-western Brazil.
The unit which Brink's has bought, Setal Servicos
Especializados, Tecnicos e Auxiliares Ltda., or Setal, is an
outsourcing company specialized in cleaning and back-office
services.
Sebival, headquartered in Campo Grande in Mato Grosso do Sul
state, employs 3,300 people and generates annual revenue of about
$60 million. Sebival was established in 1970 by local entrepreneurs
Daniel Reis and Luiz Dodero and has 20 branch locations in seven
states.
The deal is expected to be slightly accretive to Brink's
earnings in 2009, the company said.
Sebival's other two units will remain with Reis's and Dodero's
heirs, who have been managing the whole company until now, said
Francisco Mendonca, CEO of Brink's unit in Brazil.
Brink's shares were trading recently at $25.87, down 22
cents.
Company Web site: www.brinkscompany.com
-By Dick Streuly, Dow Jones Newswires; 201-938-2170;
dick.streuly@dowjones.com
-By Paulo Trevisani; 201-938-5398 paulo.trevisani@wsj.com
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