The Brink’s Co. buys Mexican logistics company

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The Brink’s Co. has acquired the largest secure-logistics company in Mexico in a $60 million deal.

The Mexican company, Servicio Pan Americano de Proteccion S.A. de C.V., has annual revenue of $385 million. It has 12,000 employees, 80 branches and 1,350 armored vehicles.

Brink’s officials say Mexico’s cash-in-transition market is the fifth largest in the world, with estimated total revenue of $900 million.

Richmond-based Brink’s has owned a 21 percent stake in the Mexican company since 1965. The deal announced yesterday includes the 79 percent stake owned by a consortium of multinational banks. Another Mexican company will continue to hold a 0.25 percent stake.

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