10.7.1Segment

Armored & Secure Transport

Armored car companies and secure transport operators moving cash, valuables, and sensitive materials.

4
Verticals

Overview

Armored & Secure Transport covers the secure transport of cash, valuables, and sensitive materials — armored car services moving cash between banks, retailers, and ATMs, plus cash management and secure logistics. At ~$4B it is a consolidated oligopoly led by the global armored-transport majors (Brink's, Loomis, GardaWorld/Garda).

Demand is driven by cash handling for banks, retailers, and ATMs, though the long-term secular decline of cash use is a structural headwind, pushing providers toward cash-management technology (smart safes, cash recycling) and broader secure-logistics services. It is a consolidated, route-density-driven industry, with the cash-to-digital shift the key long-term challenge and value-added cash-management services the strategic response.

Market snapshot

Market size
~$4B
Growth
~3.0%CAGR (2017–22, nominal)
Companies
~770
FragmentationConsolidated

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 561613 (armored car services).

Business model & economics

Revenue model
Armored-transport routes and cash-management services
Recurring revenue
High — recurring route and cash-management contracts
EBITDA margin
Route-density-driven
Capex intensity
Moderate
  • Oligopoly (Brink's, Loomis, GardaWorld).
  • Secular cash-use decline a structural headwind.
  • Shift to cash-management technology and services.

M&A deal context

Moderate deal activity

Who’s acquiring

Armored-transport majorsCash-management technology providersPE-backed platforms

What’s driving deals

  • Cash-management-technology expansion.
  • Route-density consolidation.
  • Cash-to-digital structural shift.

Verticals in this segment

  • 10.7.1.1Armored Car Services

    Companies transporting cash and valuables for financial institutions.

  • 10.7.1.2ATM & Cash Replenishment Services

    Companies filling and maintaining ATM machines.

  • 10.7.1.3High-Value Cargo Transport

    Carriers transporting high-value goods requiring security.

  • 10.7.1.4Secure Document Destruction Transport

    Armored vehicles collecting documents for secure shredding.

Find Armored & Secure Transport acquisition targets

Search Acquisera’s index for companies classified under Armored & Secure Transport (10.7.1) and build a targeted deal pipeline.

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